On 26 January 2022, the Financial Conduct Authority (FCA) launched its new webpage ‘Transforming data collection’. The FCA are working with the Bank of England (BoE) and industry to transform how data is collected from the UK financial sector. The regulators recognise that reporting is one of the most demanding parts of regulation, and the quality of data that they receive is not always to the expected standard.
Given this the FCA and the BoE have developed a joint transformation programme which will identify how data collection should improve to increase the value and reduce the burden to firms.
The regulators will focus on 3 areas:
- Integrating reporting to increase consistency in designing and delivering collections for value, reuse, and efficiency.
- Modernising reporting instructions to improve how data is interpreted and implemented by firms.
- Defining and adopting common data standards that identify and describe data in a consistent way. These should be open and accessible for use by everyone.
In 2022 the FCA will be broadening its engagement with solo regulated firms to support them in engaging with the programme.