UK watchdogs run into security fears

Data security and innovation are always going to be in tension. A new plan to improve regulatory reporting might find itself facing worries over security, Jo says.

Graphic of a broken red lock on on a keyboard key

In 2019, the Bank of England, working closely with the Financial Conduct Authority, committed to overhauling its clapped-out data policy, admitting that technology and analytics had changed since its adoption in 2013. In early 2020, the central bank put out a discussion paper with some ideas on how it might transform the way it collects data from financial firms; among these multiple suggestions was one that would see the BoE shifting from a “push” to a “pull” model of data collection.


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