UK’s FCA and Bank of England Address Data
The US aren’t the only ones turning their attention to data this year: earlier this month the UK’s Financial Conduct Authority (FCA) and the Bank of England announced proposals for data reforms across the UK financial sector.
With technology changing the nature of the markets they regulate, both authorities have issued plans designed to develop their data and analytics capabilities and improve their access to high-quality data.
The FCA have refreshed their data strategy, setting out a plan to become a data-driven regulator – this means they intend to use advanced analytics to understand how markets function, anticipate harms before they appear and regulate effectively.
The Bank of England, as part of a review announced in response to the Future of Finance report, have published a discussion paper on their plans to improve the timeliness and effectiveness of data collection from firms.
One way in which data could be collected more effectively is explored in a viability assessment of the Digital Regulatory Reporting pilot – a programme that would allow firms to automatically supply regulators with required data, potentially reducing the cost of collection and burden of supply, and improving data quality.
It’s early days yet, but this is a potentially exciting development in data collection and reporting for the UK – watch this space.
Read more here.