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Future changes to the submission of statistical data to the Data and Statistics Division (DSD)
In November 2020, we announced that DSD is planning to move the collection of statistical data to the Bank of England Electronic Data Submission (BEEDS) portal. BEEDS is an online application that enables firms to submit data submissions online. Firms can also view the information held about them by the Bank of England and keep it up to date.
We can now confirm that we will also move the reporting format from XML to XBRL.
We plan to release the Public Working Draft of the XBRL taxonomy and data point model during the week commencing 19 April for external comments. This will close on 21 May. The final taxonomy will be published in late July or early August.
We would also like to highlight that the Bank published ‘Transforming Data Collection from the UK Financial Sector: A Plan for 2021 and beyond’ (the Transformation Plan) on 23 February.
This is a plan to transform the Bank’s ability to collect data over the next decade. The Transformation Plan sets out the issues facing parties involved in the current data collection process; and lays out a vision, reforms and set of next steps that aim to address those issues. Central to the next steps of the transformation plan is the creation of a joint work programme with the Financial Conduct Authority (FCA) and industry.
Conversations have started with software houses that many of you use and we have already sent them the first draft of the data point model.
If you do not use a software house to help you send statistical data to the Bank of England, and did not inform us of this after the November information was released, can you please let us know via the OSCA help desk. We can then keep you up to date with developments.
Migration to the new system will take place over an extended period and we will have a pilot of early adopters. We hope to be ready to on-board to BEEDS towards the end of this year.
More details will be released via Statistical Notice in early April.
If you have any questions, please contact our OSCA Help Desk (email@example.com) and start the subject line of the email with “BEEDS”.