British regulator Financial Conduct Authority (FCA), which was formed as one of the successors to the Financial Services Authority (FSA) in April this year, has admitted that its predecessor did not always request data from firms in a "clear and effective way".
The FCA said it recognised it had inherited a system that ‘did not have appropriate internal governance to identify all the requests being made of firms to ensure the appropriateness of requests, consistency of communication and the re-use of data and information already gathered’.
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In a new paper titled The FCA Data Strategy, the regulator says it will seek to be clearer about what data are needed from firms and for what purpose.
The regulator says it will put in place controls so data collection is constantly reviewed and stopped where it is no longer needed. It pledges to make data requests "clear and unambiguous" and link these to the regulator’s objectives.
Under its new policy, senior management will have ownership of specific data sets in an effort to ensure databases are used and collected appropriately, and to stop collection when no longer necessary.
In its business plan for 2013/14, the FCA said it had committed £9 million of its £15 million IT infrastructure budget toward its new information systems.
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By GlobalDataA new data and analysis department has been set up to better manage data within the FCA.
The FCA said that before it commits any money, it will test a new data management model to show it would improve data collection.
