About a-team Marketing Services
The knowledge platform for the financial technology industry
The knowledge platform for the financial technology industry

A-Team Insight Blogs

PRA Package of Regulatory and Data Strategy Change Planned for Completion by 2026

Subscribe to our newsletter

The Prudential Regulation Authority (PRA), which regulates and supervises financial services firms as part of the Bank of England, is planning to complete its RegTech and data integration strategy by 2026, bringing in a package of change including a new ‘look and feel’ to regulation, and refinements to what data is collected, how it is collected, and how it is used.

The work programme for change incorporates lessons learnt before Brexit and during the Covid-19 pandemic, and includes a major project dedicated to regulatory reporting.

Putting these plans in context, in 2021, the bank responded to its initial 2019 Future of Finance report with a focus on developing a world-class RegTech and data strategy. Since then and moving the strategy forward, a PRA review set the objectives of making the most of data and technology, modernising the bank’s strategy, and achieving a step change in its efficiency and effectiveness.

The strategy has three prongs – what data is collected, how it is collected, and how it is used. The guiding principles of data collection are to collect only data that is needed to support supervision. On how data is collected, the Transforming Data Collection initiative being overseen by the bank and the Financial Conduct Authority (FCA) is identifying new methods of data collection and how to get required data at the lowest cost to the industry. On data use, the aim is to make sure the bank uses all the data it collects well and achieve automated signal extraction to provide early warning of any potential market problems.

Projects supporting the use of data include dashboards for data visualisation using Tableau and Python, transforming authorisation to improve data ingestion and use, machine learning-based text analytics to read unstructured data, a data science project on neural networks, producing early warning indicators, and a digital skills programme to upskill employees and exploit data opportunities.

These projects are designed to ensure that, by 2026, regulatory reporting is complete timely and accurate, a customisable supervisor dashboard with a single view of data is available, and the bank has the ability to probe issues and potential risks.

Subscribe to our newsletter

Related content

WEBINAR

Recorded Webinar: Best practice approaches to trade surveillance for market abuse

Breaches of market abuse regulation can lead to reputational damage, eye-watering fines and, ultimately, custodial sentences of up to 10 years. Internally, market abuse triggers scrutiny of traders and trading behaviours; externally it can undermine confidence in markets and cause financial instability. This webinar will discuss market abuse of different types, such as insider trading...

BLOG

T+1 Accelerators Showcased at Symphony Innovate 2024

With less than 30 days until the May 28 T+1 implementation for US markets, collaboration platform operator Symphony last week used the occasion of its annual Symphony Innovate event to highlight three innovations that promise to significantly accelerate the resolution of post-trade exceptions.  The new capabilities, which build on the company’s foundational secure communication platform,...

EVENT

TradingTech Briefing New York

Our TradingTech Briefing in New York is aimed at senior-level decision makers in trading technology, electronic execution, trading architecture and offers a day packed with insight from practitioners and from innovative suppliers happy to share their experiences in dealing with the enterprise challenges facing our marketplace.

GUIDE

Regulatory Data Handbook – Fourth Edition

Need to know all the essentials about the regulations impacting data management? Welcome to the Fourth edition of our A-Team Regulatory Data Handbook which provides all the essentials about regulations impacting data management. A-Team’s series of Regulatory Data Handbooks are a great way to see at-a-glance: All the regulations that are impacting data management today A...