On 8 December 2021, the Bank of England issued a communication to provide an update on the progress of the joint transformation programme, which is being led by it, the FCA and industry to transform data collection from the UK financial sector. The communication describes what has been achieved so far and the proposed activities for early 2022. It also provides an update on the expected resource needs for Transforming Data Collection for FY22/23 and engagement with stakeholders for input to solution designs.