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BoE updates on data collection

The Bank of England has published its paper and the way forward for data collection. As more data than ever is created and captured, and expectations on regulators become greater, current systems of collection have been strained. As a result, an initiative by BoE has defined and adopted common data standards, modernised reporting instructions and worked towards integrating reporting. It, together with FCA, will now look at a multi-year and multi-phased transformation programme. The first phase of the programme will take place over the next 2 years and the BoE is actively seeking views and feedback as the programme proceeds.  Firms have received a Dear CEO letter outlining the reforms.

Emma Radmore