[Turing-Southampton] Bank of England / FCA discussion paper for consultation: data reforms across the UK financial sector

[Susan Davies]

Dear all

Please see below an email from Anastasia Shteyn of The Alan Turing Institute:

The Bank of England, along with the Financial Conduct Authority, has published a discussion paper on Transforming data collection from the UK financial sector<https://eur03.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.bankofengland.co.uk%2F-%2Fmedia%2Fboe%2Ffiles%2Fpaper%2F2020%2Ftransforming-data-collection-from-the-uk-financial-sector.pdf%3Fla%3Den%26hash%3D6E6132B4F7AF681CCB425B0171B4CF43D82E7779&data=01%7C01%7C%7C2158020a88cf4c7e6b0f08d7ae6ed5d4%7C4a5378f929f44d3ebe89669d03ada9d8%7C0&sdata=94dE2JUR6Yhmos8%2BmCFl2vThupF8xcA8B7pU1gP%2FJVA%3D&reserved=0>. To fulfil the Bank's objectives, it needs an accurate picture of the economy, the financial systems and the firms it regulates. Firms are increasingly using new technologies, and the Bank also has plans to use new technologies to improve the collection and analysis of data, including from its regulatory returns. It therefore aims to create a data strategy that makes data collection more efficient for firms while at the same time improving the Bank's ability to use what it collects more effectively.

The discussion paper marks the launch of a review, in consultation with banks, insurers and financial market infrastructures to explore a transformation of the hosting and use of regulatory data over the next decade. The review will seek ways to decrease the burden on industry and to increase the timeliness and effectiveness of data in supporting supervisory judgements.

The Economics and Finance Programme is looking to put together a submission on behalf of the Turing in response to this paper. In particular, we would like to outline the data management and technological approaches to collecting and using financial data from firms in a way that makes it easy for the Bank to use, but is also secure and protects the integrity, privacy and confidentiality of the data.

Please share your contribution with me by 4 March 2020 to ashteyn at turing.ac.uk<mailto:ashteyn at turing.ac.uk>. Contributions should be no more than 300 words, and do not need to address all the questions in the document. Please use as little technical language as possible, and keep your contribution concise.

As previous examples of a coordinated consultation response from the Institute, please see the following:

  *   Response to the Information Commissioner's Office consultation on its Age-Appropriate Design Code<https://eur03.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.turing.ac.uk%2Fsites%2Fdefault%2Ffiles%2F2019-05%2Fthe_alan_turing_institute_submission_to_ico_age_appropriate_design_code_consultation.pdf&data=01%7C01%7C%7C2158020a88cf4c7e6b0f08d7ae6ed5d4%7C4a5378f929f44d3ebe89669d03ada9d8%7C0&sdata=mGQU1GymVZJJ9vtgyfcTyeOKJNOlo5GnuWKnBdZ9dkg%3D&reserved=0>
  *   Response to the Department for Transport Call for Evidence: Future of Mobility<https://eur03.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.turing.ac.uk%2Fsites%2Fdefault%2Ffiles%2F2018-09%2FTuring%2520response%2520to%2520DfT%2520CfE%2520Future%2520of%2520Mobility.pdf&data=01%7C01%7C%7C2158020a88cf4c7e6b0f08d7ae6ed5d4%7C4a5378f929f44d3ebe89669d03ada9d8%7C0&sdata=z4NeaVTo%2BrsEl439xlUru71rveaha8TYnJ%2BPhOg5WIk%3D&reserved=0>
  *   Response to the DCMS consultation on the Centre for Data Ethics and Innovation<https://eur03.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.turing.ac.uk%2Fsites%2Fdefault%2Ffiles%2F2018-09%2Fresponse_of_the_alan_turing_institute_to_dcms_cdei_consultation.pdf&data=01%7C01%7C%7C2158020a88cf4c7e6b0f08d7ae6ed5d4%7C4a5378f929f44d3ebe89669d03ada9d8%7C0&sdata=584jgmXJTP0%2FKPaMtgiZ9K0iZ5J73Zk5zOnHGdndMUU%3D&reserved=0>
  *   Response to the House of Lords inquiry: Forensic Science in Criminal Justice<https://eur03.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.turing.ac.uk%2Fsites%2Fdefault%2Ffiles%2F2018-10%2Falan_turing_institute_submission_to_house_of_lords_forensic_science_in_criminal_justice_inquiry.pdf&data=01%7C01%7C%7C2158020a88cf4c7e6b0f08d7ae6ed5d4%7C4a5378f929f44d3ebe89669d03ada9d8%7C0&sdata=frDst1kYdFPWG25rRotdod6dqyrAeUcqhzrlPu14JpE%3D&reserved=0>

Let me know if you have any questions.

Best wishes,

Anastasia
__________________________
Anastasia Shteyn
Programme Manager
+44 7508 402977
ashteyn at turing.ac.uk<mailto:ashteyn at turing.ac.uk>
_____________________________
The Alan Turing Institute
Turing.ac.uk<https://eur03.safelinks.protection.outlook.com/?url=http%3A%2F%2Fwww.turing.ac.uk%2F&data=01%7C01%7C%7C2158020a88cf4c7e6b0f08d7ae6ed5d4%7C4a5378f929f44d3ebe89669d03ada9d8%7C0&sdata=oIiHwzufhfficaxvLphHvbBsoADVoFx%2BbasH2Hdj4%2B4%3D&reserved=0>

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