Bank of England
Summary
The document details the UK's financial sector's strategy for transforming data collection processes, aiming for efficiency and integration across different domains and jurisdictions. The plan developed through extensive consultations outlines the need for common data standards, modern reporting instructions, and integrated data handling to streamline reporting and reduce burdens on the financial industry.
Key Points
Purpose and Context: The document outlines a strategic vision for data collection transformation in the UK financial sector, emphasizing the need for improvements due to increasing data volumes and complexity.
Consultation Process: Over 260 events and feedback from more than 130 organizations helped shape the vision and strategy.
Key Issues Identified: Major issues include legacy systems, complex regulatory requirements, and the need for clarity in data collection processes.
Proposed Reforms: The document advocates for common data standards, mode...
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