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Financial Services Authority, UK Integrated Regulatory Returns Programme. Presented by Lindsay Thomas Director Knowledge Management. What I will cover today. Background Our programme Timelines Lessons learnt so far. Background to the task. FSA has unified 9 legacy regulators:

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financial services authority uk integrated regulatory returns programme

Financial Services Authority, UKIntegrated Regulatory Returns Programme

Presented by Lindsay Thomas

Director Knowledge Management

what i will cover today
What I will cover today
  • Background
  • Our programme
  • Timelines
  • Lessons learnt so far
background to the task
Background to the task

FSA has unified 9 legacy regulators:

  • 9 legacy reporting categories.
  • 43 different reporting forms.
  • 50 firm types.

Lots of duplication in regulatory data.

drivers of change in reporting requirement

Need to better equip us tomeet statutory objectives

Adoption of risk based approach to regulation

Drivers of change in reporting requirement

IRR

Greater focus on reporting by what a firm does

Increase in number of firms we regulate

Changes from EU Directives etc.,

slide5

Regulatory reporting – a new integrated approach

1

2

3

4

Reporting

aligned to a

firm’s year-

end with

standardised

reporting

frequencies

& submission

time limits

Firms to check annually that their Standing Data is correct

Mandatory

electronic

Reporting

(MER)

Revised

complaints

data

strategic irr programme
Strategic IRR Programme
  • Mandatory Electronic Reporting for all regulated firms
  • Web forms AND system-to-system submission using XBRL
  • Published taxonomy defining concepts and terms for regulatory reporting
  • ‘De-duplication’ – firms submitting returns for more than one activity are only asked for each data set once (eg, balance sheet, currently appears in most returns)
  • Plans for testing, pilots and training facilities
irr reporting requirements

Reporting Groups

PublishCP

Publish

PS

Implement

new RR

MER

from…

IRR reporting requirements

Complaints

Sep ’03 CP198

March ’04PS 04/08

April ‘05

July ‘05

Mortgage, GeneralInsurance & RetailInvestments

Sept ’03CP197

March ’04PS 04/09

April ‘05

July ’05/

Jan ‘07

Insurance: PublishedAnnual Return

Sep ’03CP202

Nov ’04

Jan ’06

Jan ’07

Investment Activities (excluding retail investment activities)

Jan ’05*CP

Aug ‘05

2007

TBC

Jan ’05*CP

Deposit (& Principal Position) Taking

Aug ‘05

2007

TBC

*Currently planning to cover in the Strengthening Capital Standards Consultation Paper (CP)

validation of the new project and timeline
Validation of the new project and timeline
  • Major project shaping needs further refinement
  • Report out in January 05
information processes summary

17 of 19

Connect

Collect

Act

Grow

  • Web based communications
  • Secure channels
  • Structured documents
  • Connected directories & databases
  • Financial returns
  • On-line authorisation
  • Transactional data
  • Meta data
  • Risk Analysis
  • Timely decisions
  • Intelligent automation and tracking
  • informed enforcement
  • “The Learning Organisation”
  • Intelligent, learning systems
  • Responsive & adaptable workforce

Features

  • Browser based interface
  • XML XBRL
  • Workflow
  • Content Management & meta data
  • KM Desktop
  • Tagging and auto-Categories
  • Personalisation
  • Real-time collaboration
  • Enhanced meta data
  • Integrated systems
  • Risk assessment
  • Decision support tools
  • Case management
  • Intuitive support applications
  • Adaptive to individual profiles
  • Seamless part of work process

Tools

Information processes summary
major industry infrastructure programmes
Major industry infrastructure programmes

The need:

  • Honesty
  • Transparency
  • Trust
  • Delivery
  • Outcomes
lessons i have already learnt
Lessons I have already learnt

There are three key things different about this programme

  • Manage the clash of interests
  • Setting data standards
  • See the wider emerging pan European and global financial services agenda
clash of interests
Clash of interests
  • Excitement of new ideas
  • Investment by software providers
  • Reporting firms
  • Change management
the importance of standards
The importance of standards
  • Regulators are standard setting bodies
  • Too little appreciation of data
  • Co-operating on industry taxonomies
  • Providing the basis for agreement
  • Expanding the consensus
wider changes
Wider changes
  • Basel 2
  • Financial Services Action Plan
  • IFRS
  • MiFiD (ISD2)
  • CESR/CIOPS/CEBS
  • Convergence of national statistics, tax, accounting and reporting data standards
conclusions
Conclusions
  • Be careful
  • Be very careful this is an industry infrastructure programme
  • Don’t get carried away but be ambitious
  • Further information
    • www.fsa.gov.uk/regulatory_reporting
    • returns@fsa.gov.uk