FCA and BoE unveil data and analytics plans for UK financial sector

The Financial Conduct Authority and the Bank of England have today detailed plans to develop their data and analytics capabilities.

A new data strategy outlines the FCA’s increased focus on the use of advanced analytics and automation techniques aimed at deepening the regulator's understanding of how markets function and helping it to efficiently predict, monitor and respond to firm and market issues.

Part of the strategy will involve the establishment of data science units across some areas of the organisation, as well as a considerable investment in new technology and skills.

And in its first step of a review announced in its response to Huw van Steenis’ Future of Finance report, the Bank has published its discussion paper ‘Transforming data collection from the UK financial sector’, aimed at improving the timeliness and effectiveness of data collection from UK firms.

Executive director of strategy and competition at the FCA, Christopher Woolard said: “Advances in technology are changing the nature of the firms and markets we regulate. Our Data Strategy provides a clear path for us to ensure we have the necessary skills and processes in place to remain at the forefront of this change. In keeping with our mission, a data-driven approach to regulation allows us to anticipate harms before they crystallise, better understand the effect on consumers of changing business models and to regulate an increasing number of firms efficiently and effectively.'

In addition, the FCA, the Bank and seven regulated firms have jointly published a Viability Assessment report on the latest Digital Regulatory Reporting pilot, which, it is hoped, will allow firms to automatically supply data requested by the regulators.

    Share Story:

Recent Stories

Manufacturing: An industry at risk amid great technological change
Of the many sectors of business, manufacturing companies are among the most at risk from cyber threats. How has the sector evolved to make it so vulnerable and what does the task of managing cyber exposure in a manufacturing company look like? CIR’s latest podcast with Tokio Marine HCC sought to answer all these questions and more. Published April 2021

Are property insurers ready for timber
The Structural Timber Association is gearing up to help all stakeholders in the construction supply chain to fully appreciate the advantages of building in timber, how to deliver such projects and most importantly to understand and manage the risks. Published December 2020