On 6 July 2023, the Bank of England (BoE) and the Financial Conduct Authority (FCA) provided an update on their joint data transformation programme. Through the programme, the BoE and FCA are working together with industry to transform data collection from the UK financial sector.

The Transforming Data Collection (TDC) joint transformation programme launched in July 2021. At that time, the BoE and FCA committed to delivering tangible change in two years, setting the foundations for larger transformations to follow.

The statement confirms that the BoE and FCA have met their commitments in delivering on the phase one recommendations by July 2023. Looking to the future, they note that they are excited about the potential of the emerging phase two recommendations from phase two. At the same time, their 2031 target state and associated transformation roadmap are taking shape.

The statement also sets out updates since March 2023 on the delivery of the phase one recommendations, progress of the phase two use cases, the Data Standards Review, the future of Transforming Data Collection, and the upcoming Town Hall event on 13 July 2023.