BoE issues year one updates on data transformation programme
The Bank of England (BoE) has recently published some significant updates for those following its initiative, led with the Financial Conduct Authority (FCA), to transform data collection from the UK financial sector. Discussing progress and outcomes from the first year of the programme, they include a letter to CEOs and a detailed discussion of initial recommendations and the BoE and FCA’s response. One point that caught our eye as an area of focus going forward was “exploring the concept of a unified data collection portal for regulated firms to interact with regulators, which we believe has the potential to be a transformational change.” We look forward to seeing how this ten-year programme will continue to unfold, and of course hope to see a strong focus on digital, machine-readable data grounded in international standards.
