Find out more about previous Digital Regulatory Reporting (DRR) pilots.
November 2017: FCA and Bank of England joint TechSprint
In November 2017, the FCA and the Bank of England held a 2-week TechSprint to examine how technology can make the current system of regulatory reporting more accurate, efficient and consistent.
At the TechSprint, participants successfully developed a ‘proof of concept’ which could make regulatory reporting requirements machine readable and executable.
This means that firms would be able to map their regulatory requirements directly to the data that they hold, creating the potential for automated, straight-through-processing of regulatory returns.
This would benefit both firms and regulators. For example, the accuracy of data submissions could be improved and their costs reduced, changes to regulatory requirements could be implemented more quickly, and a reduction in compliance costs could lower barriers to entry and promote competition.
In February we published a Call for Input[1] outlining the technical steps that developed this proof of concept and asking for views on how we can improve this process. In October we published a Feedback Statement[2] that summarised the responses we received to the Call for Input and outlined our next steps.
Pilot Phase 1 (June 2018 to December 2018)
In addition to publishing the Call for Input, we worked with the Bank of England and various organisations (listed below) on a 6-month pilot to build upon the proof of concept developed in 2017. The purpose of the pilot was to evaluate the feasibility of scaling the work from the TechSprint. The pilot considered 2 use cases: UK domestic mortgage reporting and calculation of the Common Equity Tier 1 (CET1) ratio.
Transparency is an integral part of the pilot and we welcome and encourage input from across the industry. We have published the report of the first phase of the pilot that provides an overview of the work and findings so far. If you are interested in discussing the technical aspects of this paper in more detail, please contact us at [email protected].
Read the report on Phase 1 of the pilot to learn more about the project (PDF)[3]
During Phase 1, the DRR team ran 2 industry open days to share the output with the industry. These will continue throughout further phases of work, in conjunction with regular web updates and publications.
We welcome feedback, requests for further information and expressions of interest in becoming involved in the pilot. Please email [email protected].
Pilot Phase 1 participants
- Barclays
- Nationwide
- Credit Suisse
- NatWest
- Santander
- Lloyds Banking Group
Pilot Phase 2 (February 2019 to October 2019)
This phase of work builds on addressing issues found in Phase 1, in particular understanding the economic viability of DRR and exploring how it could apply to different product groups. Whilst the phase completed at the end of July 2019, the DRR team then spent a couple of months consolidating and agreeing the learnings, drafting and agreeing the details of the Viability Assessment and considering what next steps to propose.
We have published the Viability Assessment on digital regulatory reporting that provides an overview of the work and findings so far. If you are interested in discussing the technical aspects of this paper in more detail, please contact us at [email protected].
Read our viability assessment on digital regulatory reporting (PDF)[4]
Pilot phase 2 participants
- Financial Conduct Authority
- Bank of England
- Barclays
- Credit Suisse
- HSBC
- NatWest
- Santander
- Lloyds Banking Group
- Nationwide
