Articles

Transforming data collection from the UK financial sector

January 10, 2020 | Data & Analytics
Transforming data collection from the UK financial sector

By responding to this discussion paper, you provide personal data to the Bank of England. This may include your name, contact details (including, if provided, details of the organisation you work for), and opinions or details offered in the response itself.

The response will be assessed to inform our work as a regulator and central bank, both in the public interest and in the exercise of our official authority. We may use your details to contact you to clarify any aspects of your response.

The discussion paper will explain if responses will be shared with other organisations (for example, the Financial Conduct Authority). If this is the case, the other organisation will also review the responses and may also contact you to clarify aspects of your response. We will retain all responses for the period that is relevant to supporting ongoing regulatory policy developments and reviews. However, all personal data will be redacted from the responses within five years of receipt. To find out more about how we deal with your personal data, your rights or to get in touch please visit bankofengland.co.uk/legal/privacy.

Information provided in response to this consultation, including personal information, may be subject to publication or disclosure to other parties in accordance with access to information regimes including under the Freedom of Information Act 2000 or data protection legislation, or as otherwise required by law or in discharge of the Bank’s functions.

Please indicate if you regard all, or some of, the information you provide as confidential. If the Bank of England receives a request for disclosure of this information, we will take your indication(s) into account, but cannot give an assurance that confidentiality can be maintained in all circumstances. An automatic confidentiality disclaimer generated by your IT system on emails will not, of itself, be regarded as binding on the Bank of England.

Responses are requested by 7 April 2020.

Please address any comments or enquiries to:

Angus Moir

Bank of England

Threadneedle Street London,

EC2R 8AH

Email: DatacollectionDP@bankofengland.co.uk

 

Foreword

Financial firms depend critically on good information. Fuller, faster, more accurate and more insightful information can make the difference in how competitive they are. As a result, we are now seeing significant investment in new technology to improve the analysis and storage of large volumes of data.

The Bank of England also depends on good and timely information. We cannot fulfil our objectives of monetary and financial stability without an accurate picture of the economy, the financial system and firms we regulate. And, just like those regulated firms, the Bank too has ambitious plans to use new technologies to improve the collection and analysis of data, including from its regulatory returns.

Earlier this year, in its response to the Van Steenis “Future of Finance” report, the Bank committed itself to the development of a “world-class regtech and data strategy”. The ultimate aim is to make data collection significantly more efficient for firms while at the same time improving the Bank’s ability to use what we do collect more effectively.

Because it determines what information is required of regulated firms, the Bank has a significant influence on their data strategies and plays an important part in shaping how firms approach their own data. There is therefore the potential to make improvements that also support firms’ own use of data, making them more productive and competitive.

This paper seeks to lay the foundations for joint work to reform data collection over the next decade. The long timescale recognises that this will be a substantial challenge, and that we will need time to identify and implement the right solutions. It is also designed to encourage us to explore more radical changes, without the constraints that come with shorter timescales.

This needs to be an inclusive exercise, which looks across the full range of firms and collections. We want to hear from anyone with an interest, not just the largest banks and insurers. There will not be a one-size-fits-all solution, so it is vital that we build a full understanding of the diversity of experiences with data collection across the financial system.

We also know that data collection by the Bank represents just one aspect of the reporting challenge that firms face. So we are committed to identifying where there are overlaps and opportunities with other authorities in the UK and internationally, and pursuing closer collaboration as we all respond to the opportunities offered by the new data landscape. For example, we are working closely with the FCA on data initiatives such as the pilot on digital regulatory reporting. The Bank and the FCA will continue to work closely together to ensure that reforms to data collection are aligned.

We are pleased to launch this discussion paper with the aim of improving the efficiency and effectiveness of the Bank’s data collections, and supporting wider developments in data use.

Ben Broadbent

Deputy Governor, Monetary Policy Bank of England

Sam Woods

Deputy Governor, Prudential Regulation and Chief Executive of the Prudential Regulatory Authority

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