On 21 July 2022, the Bank of England (BoE) and the FCA issued their responses to the initial set of recommendations concerning the transforming data collection programme.

The recommendations are a key milestone of the first phase of the programme and:

  • Provide a clear explanation of what actions the joint transformation programme (as representatives of industry) think should happen to improve data collection,
  • Set out suggested credible, valuable, change that starts to deliver the vision of the programme
  • Indicate how feasible those changes may be to deliver, and what the benefits of those changes might be.

The BoE and FCA agree in principle to accept all of the recommendations. For some recommendations, the BoE and FCA are keen to move to delivery of solutions immediately. For other recommendations, the programme will need to further explore the solutions in order to understand how they might be delivered. If the BoE and FCA find that there is a business case, then they will add such recommendations to their future roadmap for transformation.