Data strategy

Our data strategy sets out why data is important to us as a new regulator, how we want to collect and use data in the future, our approach to delivering our vision for data and, recognising the size of the task ahead, our plan for implementation.

Data is integral to us as a regulator. It informs, directs and shapes our activities and helps us understand where to focus our attention. 

It is therefore vital that we have a strategy that clearly articulates how we manage and use our data, which is why, in September 2013, we published Data strategy: how we will manage and use the data we collect.

We have since published Data strategy: one-year on.

Our data strategy explained

We inherited a data and information legacy from the Financial Services Authority that was largely prudential in focus. We know that in the past some firms felt we made additional requests for data to improve our understanding of conduct issues that were wide ranging, lacked a clear purpose and could be made with unreasonable timescales. We are committed to changing the way we specify, collect, manage and use data to ensure it meets our needs in a proportionate way.

Our vision of actionable, accessible and integrated data will take time to achieve, but it is one we are committed to delivering. Last year we identified three initial areas of focus:

  1. Governance and ownership – establishing effective controls, oversight and ownership of data across the FCA
  2. Better engagement with firms – improving our interactions with firms on data
  3. Better handling of data for the FCA - proving the concept of using data differently to bring about our data vision

In this update we set out what we have done so far to achieve our vision, and the changes we have made to ensure that the way we collect and manage data is effective and transparent. We also encourage you to watch our video (above) of FCA staff and industry members speaking about our progress in implementing the data strategy.

Further information

Find out more about our data strategy: one-year on, see our data strategy in September 2013 and read a summary of feedback from our Working Better Together with Data event.

We also have a quarterly Data Bulletin that brings together all the valuable information we collate, to ensure you have clear and easy access to our data.