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Bank of England provides Data Standards Review update


On 26 October 2022, the Bank of England (the Bank) provided an update on the Data Standards Review, which has been commissioned by the Transforming Data Collection joint transformation programme being led by the Bank of England and FCA with industry. The joint transformation programme’s vision is that ‘The Bank of England and the FCA get the data they need to fulfil their mission, at the lowest possible cost to industry’. One of the programme’s key reforms, central to achieving this vision, is the increased development and adoption of common data standards throughout the financial sector. The update notes that during phase one of the programme, a review of data standards was commissioned. The review will look at key questions around the development and adoption of data standards in the financial sector. Answering these questions will inform the programme’s future strategy in relation to common data standards.

The review will mainly involve two sets of activities. Firstly, the review team will conduct a series of interviews with various selected stakeholders in the financial sector to gather their views on relevant data standards questions. In addition to this, industry are invited to submit their views on a dedicated online portal. The portal is now live and will be open for a period of six weeks, closing on 6 December 2022. The review team will then collate findings from these activities for their report, which will be shared publicly in due course.


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