The FCA has published its data strategy setting out what and how data will be collected in the future. The strategy proposes improvements in how the regulator interacts with firms, compared to how this was done under the FSA, as well as providing greater clarity on the data required. It identifies three types of data that it intends to collect:
- Core baseline: the regularly reported data on which regulatory activity is based. Examples include information relating to product sales and complaints.
- Risk and event: information relating to risks that are relevant to strategic priorities or where events occur that require data in addition to that held in core baseline.
- Subject, firm or issue specific: one off data specific to a subject, firm or issue that the FCA is acting on.
Anyone who has attended a presentation or seminar on the transfer to the FCA will already know about the importance of record-keeping and being able to quickly identify and extract specific data.
The FCA’s strategy reinforces the importance it has allocated to these requirements, so it is important to make sure your company is addressing these issues appropriately now.
This information is intended as a general discussion surrounding the topics covered and is for guidance purposes only. It does not constitute legal advice and should not be regarded as a substitute for taking legal advice. DWF is not responsible for any activity undertaken based on this information.