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UK: FCA and Bank of England announce proposals for data reforms

By  |  January 7, 2020

The Financial Conduct Authority (FCA) and the Bank of England (Bank) outlined their plans to develop their data and analytics capabilities on Tuesday, January 7. Both authorities depend on access to high-quality data to fulfil their respective missions of maintaining monetary and financial stability, market integrity, effective competition and consumer protection.

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    The FCA’s refreshed Data Strategy sets out a transformation plan to become a highly data-driven regulator. The strategy outlines the organisation’s increased focus on the use of advanced analytics and automation techniques to deepen its understanding of how markets function and allow the FCA to efficiently predict, monitor and respond to firm and market issues. Alongside investment in new technology and increased use of external data, the FCA will pursue a broader transformation, investing in skills and new ways of working to enable it to better understand and use data and innovative technology. The approach includes data science units being established in selected parts of the organisation and exploitation of new opportunities arising from the FCA’s migration to cloud-based IT infrastructure.

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    The Bank of England has published a Discussion Paper (DP), “Transforming data collection from the UK financial sector,” to improve the timeliness and effectiveness of data collection from firms across the financial system.

    The Bank’s DP marks the first step of a review announced in its response to Huw van Steenis’ Future of Finance report, which recommended that the Bank develop a new digital data strategy. The DP sets out the issues facing the current data collection system and identifies and explores a series of potential solutions, to prompt feedback from and further discussion with industry.

    Full Content: Bank of England

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