The Bank of England (the Bank) and the Financial Conduct Authority (FCA) are working together with the industry to transform data collection from the UK financial sector.
During the ‘discovery and design’ stages, delivery teams will investigate the issues for both the regulator and the regulated in each of the use cases before designing solutions to address these issues. The DSC held its first meeting on November 24, and the RTC held its first meeting on November 28.
Commercial Real Estate (CRE) data is being looked at again in phase two. The work during phase one confirmed the initial hypothesis about CRE data: it’s crucially important data, but the current data the regulators get is a poor fit for their needs, fragmented, and burdensome to collect. The CRE phase two delivery team is currently in the ‘discovery’ stage which will run until Q1 2023. Then the team will move into the ‘design’ stage. The work during this stage will be focused on designing and testing solutions for the use case based on the findings from discovery. This work will run until 2023.
For a prudential regulator, the prudential data the PRA and FCA get from firms is typically some of the most important data they receive. The FCA currently collects detailed product-level financial data across a range of retail banking products and segments. The FCA wants to move this to a regular collection and design a new integrated collection that minimises burden on firms.