Read more about data under the UK Capital Requirements Regulation (UK CRR), including how we and the PRA will use it.
Following Brexit, as the UK is no longer a member of the EU, our obligations to share information with the European Supervisory Authorities (ESAs) have been removed from UK legislation.
We are no longer obliged to share information or cooperate with the EU on a unilateral basis, but we may choose to share information or cooperate with the ESAs.
We and the Prudential Regulation Authority (PRA) will rely on the existing domestic framework provisions and memoranda of understanding (MoU) for cooperation and information sharing, which allows for this on a discretionary basis.
Data quality remains a top priority, and it’s important that data quality is maintained.
We and the PRA will continue to use it to carry out supervisory assessments. Firms’ data will be sent on to the Bank of England’s Financial Policy Committee (FPC) for macroprudential analysis.
Remember, it’s a firm’s responsibility to report accurately under UK legislation. There needs to be senior management sign-off for data in your firms.
At the PRA and FCA, data is used by supervisors and risk analysts for:
- risk monitoring
- supervisory purposes
- financial stability
When the data is sent to the FPC, it also processes the data for macroprudential analysis.
Read our data strategy.