Transforming data collection
We are working with the FCA and industry to deliver our plan
to transform data collection from the UK financial sector.
Our vision
The Bank of England gets the data it needs to fulfil its mission, at the lowest possible cost to industry
Transformation plan
Defining and adopting common data standards
that identify and describe data in a consistent way throughout the financial sector. These common standards should be open and accessible for use by all who need them. We think their adoption will bring benefits well beyond reporting.
Modernising reporting instructions
to improve how our reporting instructions are written, interpreted and implemented. There are a range of steps we think this will involve, from setting up better Q&A processes to potentially rewriting our instructions as code.
Integrating reporting
to move to a more streamlined, efficient approach to data collection. This reform includes making data collection more consistent across domains, sectors and jurisdictions, and designing each step in the data collection process with the end-to-end process in mind.
Data collection review
Joint transformation programme
Alongside Bank of England and FCA staff, the programme comprises industry participants with a wide range of knowledge and experience, drawn from across the financial sector.
There are currently one hundred participants working across the programme. Following a nominations process, participants were selected by us, alongside the FCA, in line with our selection criteria.
Use cases
Reform the Quarterly statistical derivatives (DQ) return
The quarterly derivatives returns, submitted by 20-odd firms with liabilities over £10billion, summarise marked-to-market valuations of derivative positions at the end of each quarter. The data are primarily used by the ONS for national balance of payments statistics.
Deliver a commercial real estate (CRE) database
Aligning with this project will allow us to develop common data standards in two core areas in the financial sector: loans and property. This in turn will help improve the quality of data in a market that is important to monitor for financial stability purposes.
Optimise the liquidity monitoring metrics tool
LMM tool is an algorithm, published in Excel, that shows firms how the Bank calculates some key liquidity metrics using data defined by the PRA’s liquidity report PRA 110. Upgrading the tool provides an opportunity to understand how we might deliver ‘instructions as code’.
Financial resilience survey (FCA use case)
In June 2020, the FCA commenced a regular quarterly financial resilience survey for solo-regulated firms. This use case will focus on opportunities to improve data quality, increase transparency about how the data is analysed, and consider how to transition the survey into RegData.
Committees and delivery groups
See all members
Reporting Transformation Committee
It focuses on overseeing the design of solutions for parts of the reporting process where the Bank, FCA and reporting firms interact directly. This will cover aspects of modernising reporting instructions and creating a better integrated end-to-end reporting process. The committee meets monthly and the minutes from each meeting are published.
It is a forum for stakeholders including reporting firms, trade bodies and relevant standard setting bodies to discuss issues and propose solutions in the area of data standards. The committee meets monthly and the minutes from each meeting are published.
It undertakes the various activities related to the work programme: understanding problems through user research, mapping and investigating possible solutions, and designing aspects of the solutions.
It supports the Core Delivery Group by reviewing the materials and artefacts produced, and participates in solution design workshops, where useful.
It helps to develop a list of user requirements, assists the team in prioritising these requirements, gives feedback on the proposed solution designs, and considers the applicability of issues and solutions to future use cases.
Communications and updates
Transforming data collection
Transforming data to firms
Governance group minutes
October 2021
Reporting Transformation
Committee minutes
September 2021
Reporting Transformation
Committee minutes
Events
9 December 2021
Town Hall