UK regulators signal plans for transformation of approach to data

The Bank of England (BoE) published a Discussion Paper (DP) ‘Transforming data collection from the UK financial sector’ on 7 January 2020. The DP is the first stage of a process through which the BoE plans to transform the way it collects data from firms (both regulatory reporting and statistical returns). The DP does not indicate a preferred approach from the BoE but sets out a number of options to change the way the BoE collects data from firms, a number of these would represent a significant departure from current practice. On the same day, the FCA  updated its data strategy, setting out its objectives to improve the efficiency and effectiveness of its use of the data to detect misconduct and financial crime through an increased focus on building skills and capabilities in data analytics.  

Download this At a glance to see our summary of the regulators' approach to data collection and highlights of the key actions firms are expected to take.

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