The Bank of England (BoE) and the Financial Conduct Authority (FCA) have successfully completed their phase one commitments in the ongoing Transforming Data Collection (TDC) joint transformation programme.
Launched in July 2021, the TDC aims to modernize data collection from the UK financial sector. The initiative is designed to implement significant changes over two years, laying the groundwork for more extensive transformations.
Phase one of the programme, which took place from July 2021 to August 2022, focused on the discovery and design stages, particularly concerning the Financial Resilience Survey. This survey was an ad-hoc collection of select data points from FCA firms, initiated in response to the post-pandemic landscape for prudential risk monitoring. The timeline for delivering recommendations from this stage was set for July 2023, a deadline that has now been met.
The seven key recommendations from phase one include:
– Enhanced reporting landing pages
– Restructured reporting instructions
– Standardization of counterparty classification
– RegHub portal and homepages
– Insights for firms at a glance
– Future Financial Resilience Survey
– Intuitive form design
Phase two, which commenced in September 2022, aims to explore specific use cases, including:
– Retail Banking Business Model Data (RBBMD)
– Strategic Review of Prudential Data Collection (SRPDC)
– Commercial Real Estate (CRE) data
– Incident, Outsourcing and Third Party Reporting (IOREP)
The findings from these use case investigations are anticipated to be released by Q4 of 2023.