Delivering data standards and transforming data collection in financial services

The Bank of England collects data from banks, building societies and insurance companies in the UK. We use this data to monitor and react to risks in the financial sector, and the economy more widely, and to supply data to the Office for National Statistics. We have been working with other regulators and with industry to understand how to reform and improve the way firms manage data and how we collect data from them. This article considers the need for the development and adoption of common data standards and reflects on our Transformation Plan for data collection