BoE unveils plan to ‘transform’ data collection
Decade-long effort to overhaul data standards and methods of reporting
The Bank of England is embarking on a decade-long effort to overhaul the way data is generated and reported across the financial sector.
In a report published today (February 23), the BoE outlines how it plans to work with industry and the Financial Conduct Authority to develop common data standards, modernise the way regulators request data from firms and streamline the data collection process.
The effort stems from the Future of finance report, launched under previous governor Mark Carney
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