Latest updates on BoE data collection project
The Bank of England (BoE) has recently published the latest updates for those following the initiative it is leading together with the Financial Conduct Authority (FCA) to transform data collection in the UK financial sector.
The latest updates include progress in several use cases for data collection. The Bank has been conducting user research to understand how to gather important data that suits the Bank’s needs, that is coherent, and that is simple to collect. Solutions and recommendations will be taken forward in recommendations – and are already changing the FCA’s data collection process.
One interesting new pilot outlined in the updates is the introduction of reflecting regulatory reporting data back to firms with the prototype ‘Firm View at a Glance’ – a tool which will visualize a single return, potentially reducing errors in regulatory reporting data.
The (many) updates are worth taking a look at – we will continue following this project with interest.
Read all the updates here.
