Bank of England Publishes Plan for UK Financial Sector Data Collection02/23/2021The Bank of England has published a plan to transform its ability to collect data from the financial services sector over the next decade. Three key principles of the plan are: (i) defining and adopting common data standards that are consistent across the financial sector; (ii) modernizing reporting instructions to improve how they are written and implemented; and (iii) integrating reporting to facilitate a more efficient approach to data collection. The Transformation Plan was prompted by Huw Van Steenis' 2019 report on the "Future of Finance", which highlighted the importance of data standards and protocols and the value of harnessing data. The BoE published a response to the "Future of Finance" report, in which it undertook to deliver a world-class data strategy.
The BoE will work together with the U.K. Financial Conduct Authority to implement the Transformation Plan through at least three phases. The first phase, between 2021-2023, will set the foundation for future phases by producing a set of common data standards, understanding the problems faced by users in the reporting process and modernizing reporting instructions. The second phase will focus on scaling the transformation into new areas. The third phase will expand the work to more complex areas.
The FCA has also published a Dear CEO letter, updating firms on the FCA's progress in collecting data and setting out its plans for reform, which reflect the three key principles of the BoE's Transformation Plan.
View the BoE's Transformation Plan.
View the FCA's Dear CEO letter.
View details of the Future of Finance report.
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