The missions of the U.K. Financial Conduct Authority (FCA) and Bank of England (BoE) include maintaining monetary and financial stability; market integrity; competition; and consumer protection, according to a press release announcing the FCA’s new data strategy (Data Strategy), BoE’s discussion paper (Discussion Paper) on potential reforms to data collection and a report on phase 2 of a digital regulatory reporting (DRR) pilot program (DRR Report). The FCA’s data-driven approach to regulation allows it to anticipate harms before they crystallize; better understand the effect on consumers of changing business models; and regulate an increasing number of firms efficiently and effectively, noted Christopher Woolard, FCA Executive Director of Strategy and Competition, in the announcement. This article analyzes the key takeaways from the Data Strategy, Discussion Paper and DRR Report, all of which comprise part of a long-term plan to transform the way U.K. regulators implement regulations and collect data. Going forward, the FCA and BoE have committed to cooperate in the development of common data standards; consider the legal implications of embodying regulations in computer code; review the technical solutions needed to facilitate DRR; and continue to collaborate with industry. For coverage of other recent FCA initiatives, see “A Roadmap for Compliance With the U.K.’s Senior Managers and Certification Regime
” (Sep. 12, 2019); and “FCA Issues Final Rules on Disclosure Concerning Use of Benchmarks and Guidance on Descriptions of Fund Objectives
” (Jun. 6, 2019).