Transforming data collection – Reporting Transformation Committee meeting – February 2023


Reporting and Data Standards Transformation Board

Item 1. Introduction

AS1 introduced the meeting and explained the agenda. New Board members introduced themselves. He gave an overview of the Board’s Terms of Reference.

Item 2. Progress update: Phase 2 Use Cases

AS1 introduced the Bank’s Phase 2 use cases and explained the status of these. Commercial Real Estate data is an important test case for transforming credit-related data. Work on this use case is continuing in Phase 2 with a broader scope and progressing well. Work on the Incident, Outsourcing and Third Party Reporting use case will start in March 2023.

CC2 introduced the FCA’s Phase 2 use cases. The FCA is doing a ‘Strategic Review of Prudential Data Collection’ – many collections have a prudential element and the use case looks at how these could work differently. In addition, the Retail Banking Business Model use case provides the opportunity to investigate data standardisation and emerging data submission technology for a valuable FCA dataset.

Item 3. Progress update: Data Standards Review

AS1 explained that the Data Standards Committee had commissioned a review of data standards in the financial sector, aimed at understanding how standards can be developed, adopted and maintained. EY performed the review in late 2022 and have produced a first draft report. Once the review is complete, the Data Standards Committee will make recommendations on next steps for TDC, including looking at the role of the regulator.

Board members were keen for the findings of the report to result in a feedback loop back into use case work. The Board noted there is a plethora of industry standards available across different aspects of data definitions, data management and data transmission.

Action: Secretariat to provide the Board with an update on the Data Standards Review prior to publication.

Item 4. Progress update: Delivering Valuable Change by July 2023

LD presented an update on how the programme would achieve its aim of delivering valuable change by July. The programme is developing its strategic roadmap and building foundational pieces to deliver effectiveness, greater proportionality, and data standards. TDC’s first year included setting up the programme structure and governance. The second year has been about building the team. The programme approach is to execute use cases to incrementally deliver benefits of increasing size. The programme needs to scale up to the next level to unlock greater benefits.

While the areas of perceived benefit are clear, it is difficult to measure benefits. TDC aims to unlock benefits in: speed and efficiency, data quality, data usefulness, overall firm experience, burden on firms and burden on regulators.

TDC is already building a foundation for future quality – on the FCA side, the new CCR 007 has gone live and FSA 038 is due to go live this summer. On the Bank side, implementation of Form DQ changes is well underway.

Item 5. Future of TDC: feedback on strategic direction

With the programme team embarking on important strategic planning work, the Board were asked to discuss the question of the long-term strategic direction of the programme, in small breakout groups.

The Board fed back into the group on the discussions in the break-out groups. The feedback highlighted:

  • The Board reaffirmed the industry’s desire to move to standardised datasets instead of reports, given the commonality of data across reports.
  • Setting data standards for regulatory data is seen as crucial. Board members would like to see the development of a single data model.
  • The Board sees greater benefit in identifying greenfield areas of reporting, compared to transforming existing ones. Members see ESG as a useful future use case.
  • Firms appreciate clarity and do not necessarily require industry consensus around solutions – they appreciate when regulators set a clear course of action.
  • Benefits are likely to differ for small and large firms. Small firms will benefit from reforms to specific datasets, whereas the major benefits for large firms will result from regulator alignment internationally.
  • If regulators were able to test data collection ideas before building them into policy, this would improve the design process.

The Board highlighted the value of engagement with the Bank and the FCA through this forum. Creating transparency about how the Board decisions influence Bank and FCA strategic planning will be valuable. The programme team committed to investigate opportunities to provide more frequent updates to the Board.

Action: The TDC programme team will investigate approaches to providing more frequent updates to the TDC Board.

Item 6. AOB/ Forward Agenda

The TDC Board agreed the value of meeting in person at future meetings. The TDC Board requested summary material of progress in advance of the future meeting.

Action: The Board will investigate meeting in person on 29 March 2023 to discuss the results of the February Board meeting.


Aaron Shiret (AS1), Bank of England (TDC Secretariat)
Alain Gaudeau (AG), Deutsche Bank
Andrew Smith (AS2), ClearBank
Ankur Agrawal (AA), AXA
Charles Reindorf (CR), Bank of America
Charlotte Clark (CC1), Association of British Insurers
Chris Caldwell (CC2), Financial Conduct Authority (‘FCA’) (Technical Specialist)
Chris Miller (CM), Royal London Group
Corinne Powley (CP), Phoenix Group
Eoin O’Connell (EOC), NatWest
Graham Cohen (GC), BNY Mellon
Jane Laughton (JL), Bank of England (Senior Business Change Manager)
Jessica Rusu (JR), Financial Conduct Authority (Chief Data, Information & Intelligence Officer)
Julie Ampadu (JA), Association of Professional Compliance Consultants
Lauren Dixon (LD), Financial Conduct Authority (Senior Manager, Data Collections)
Lee Fulmer (LF), UBS (RDST Board Chair)
Luke Ashton (LA), Barclays
Olivia Selbie (OS), Financial Conduct Authority (Programme Manager)
Peter Eckley (PE), Bank of England (Head of Data Strategy & Implementation)
Peter Royle (PR), Financial Conduct Authority
Ross Johnston (RJ), Westpac
Samik Chandarana (SC), JP Morgan Chase
Scott O’Malia (SOM), International Swaps and Derivatives Association
Sholthana Begum (SB), Financial Conduct Authority (Head of Data and Strategy)
Simon Gordon (SG), HSBC
Further staff observing from Bank of England and FCA


Adrian Pearce, Credit Suisse
Andy Parsons, Just Group
Angela Pearce, Pension Insurance Corporation
David Palmer-Lewis, Principality Building Society
John Tierney, Nomura
Paul Barrett, AIG
Paul Chambers, Standard Chartered Bank
Richard Dunne, RSA Insurance


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