The Bank of England (BoE) and Financial Conduct Authority (FCA) have successfully completed phase one of the Transforming Data Collection (TDC) program, meeting all its recommendations. Phase two is now underway, focusing on investigating specific use cases, with results expected to be published by Q4 of 2023.
Facts
- The Transforming Data Collection (TDC) program aims to revolutionize data collection from the UK financial sector.
- Phase one of the TDC program, which focused on the Financial resilience survey, concluded in August 2022.
- Phase one met all its recommendations, which include better-reporting landing pages, restructured reporting instructions, counterparty classification standardization, RegHub portal and homepages, firm view at a glance, future Financial Resilience Survey, and intuitive form design.
- Phase two of the TDC program started in September 2022 and is investigating four specific use cases: Retail Banking Business Model Data (RBBMD), Strategic Review of Prudential Data Collection (SRPDC), Commercial Real Estate (CRE) data, and Incident, Outsourcing, and Third Party Reporting (IOREP).
- The results of the use case investigations are expected to be published by Q4 of 2023.
