Aims of the Banking Data Review
The Banking Data Review (BDR) seeks to modernise regulatory returns to provide the PRA (Prudential Regulation Authority) with the data and tools it needs to rapidly identify and probe issues, risks and policy questions emerging in the banks we supervise. The review has three main aims:
- Better alignment of data collections with the needs of day-to-day supervision. To achieve this the review will consider making changes related to timeliness, granularity, relevance, and data quality.
- Better integration and streamlining of our data collections. To achieve this the review will look at cutting unused collections, standardising definitions of data across collections, removing duplicative data requests, streamlining, or integrating of repeated supplementary collections.
- Ensuring we have the data we need to carry out any future policymaking responsibilities. For instance, we may need to make changes to our data collections to be able to comply with enhanced cost-benefit and rule review requirements set out in the Financial Services and Markets Act.
Our approach
The BDR will draw from experience across the Bank of England (the Bank), focussing on a detailed review of the regulatory return estate to meet the aims set out above. Due to the scale of the exercise, we are running our review in ‘phases’. Each phase is made up of several modules that will go through a ‘design’ stage where we will explore issues and design solutions. This will then be followed by a ‘consultation’ stage with industry, and finally a ‘implementation’ stage.
The review will be sequenced in such a way that:
- The need for sequential changes to any part of the regulatory data landscape is minimised.
- It will align with Basel 3.1 implementation and the development of the Strong and Simple framework.
- Technological and operation constraints on regulated banks and the PRA will be considered.
The full review (including within-template design changes) will not be consulted on before the Basel 3.1 implementation date of 1 July 2025. We are bringing forward quick-wins and priority review items in phase one, which is currently underway.
Engagement with industry
Alongside Bank colleagues, the review comprises of industry participants with a wide range of knowledge and experience drawn from across the banking sector.
These participants support the BDR through an Industry Consultative Forum. The forum enables the PRA to discuss and gather feedback on the ‘design’ and ‘implementation’ stages of our review work. Further information on the role of the forum can be found in the Terms of Reference for the BDR Industry Consultative Forum.
PRA regulated banks, building societies and designated investment firms are free to nominate individuals to participate in the forum. Should you wish to join the forum, please complete the nomination form.
The Banking Data Review will be hosting its next forum event on Wednesday 15 May 2024. This will be a virtual event.
To express your interest in attending, please email BDRsecretariat@bankofengland.co.uk.
Alignment with the Transforming Data Collection (TDC) programme
The BDR is focussed on which data we collect through our regulatory reporting. It will be conducted alongside the Bank of England’s Transforming Data Collection (TDC) programme whose primary focus considers how we collect data. To find out more, visit the Transforming Data Collection page.