FCA is working with the BoE and the industry to transform how regulators collect data from the financial sector. FCA recognises the burdens of regulatory reporting and it finds that the data it receives is not always of the standard it expects. It also notes its data needs change as the markets and technology evolve.
FCA and BoE have now developed a transformation programme focusing on:
- integrating reporting to increase consistency in design and delivery of collections to maximise value, reuse and efficiency;
- modernising reporting instructions; and
- defining and adopting common data standards.
FCA will be broadening its engagement with solo regulated firms to help them in engaging with the programme