01/14/2022 | News release | Distributed by Public on 01/14/2022 07:38
Date of meeting: 2 November 2021
Location: This meeting took place via Microsoft teams
The joint transformation programme is publishing its committee minutes. These materials are published in the interests of transparency. Any opinions, proposals or policies contained in them are those of the joint transformation programme or, as the case may be, its groups, committees or individual members. They do not represent the opinions, proposals or policies of the Bank of England, the FCA or other participants and they should not be taken as an indication of future policy. Information that is confidential or commercially sensitive has been omitted.
Minutes
Introduction
AM opened the meeting and gave apologies for Gareth Ramsay who was unable to attend. IP explained the agenda.
Terms of Reference
IP invited the Board to review the TDC programme's Terms of Reference, which apply to the Board. IP invited members with comments to send them to the Secretariat.
Action: Members to send comments on the ToR to Secretariat by 16 November 2021.
Vision for Transforming Data Collection and Board
IP asked the Board to consider what the ideal reporting process would look like in ten years' time, the benefits this would deliver and the role of the Board in that transformation.
Key Discussion Points/Comments:
Action: Secretariat to develop a framework for measuring the progress/benefits of the programme.
Action: Secretariat to produce an initial draft of design principles for the programme's outputs, for the Board's consideration.
Pre-mortem for Transforming Data Collection and Board
IP asked the Board to imagine that in ten years' time the programme had failed to achieve a transformation, and suggest what would be likely to have caused this.
Key Discussion Points/Comments:
Joint Transformation Programme update
RD1 presented the programme's conceptual view of how transformation should work - 'pipeline management' first, then 'discovery and design', 'decision and challenge' etc. She explained the different elements of the programme structure, including the roles of the different governance and delivery groups.
AM gave an update on the project plan, including the status of the discovery and design work. He explained that a key element of the plan is work aimed at scaling-up the solutions e.g. when tackling CRE issues, considering whether the solutions emerging may also apply to mortgages.
LA asked for clarification about the relationship between the Board and the rest of the programme. IP suggested that the programme could make this clearer and that the Terms of Reference may be the best way to do this.
Action: Secretariat to consider need for clarification of the ToR and confirm next steps.
Chair nomination process
AM explained that over the longer term, the Board will have a Chair from industry. He explained the process for choosing the Chair. If participants wish to be the Chair, they should nominate themselves. The Board will then vote on the nominees.
Action: Participants who wish to nominate themselves should send a short statement to the Secretariat explaining their suitability by 16 November 2021.
Actions agreed in this meeting
Attendees
Ankur Agrawal (AA), AXA
Luke Ashton (LA), Barclays
Roshan Awatar (RA), Lloyds Banking Group
Paul Barrett (PB), AIG
Andy Beale (AB), Financial Conduct Authority (Interim TDC Programme Manager)
Paul Chambers (PC), Standard Chartered
Samik Chandarana (SC), JP Morgan
Charlotte Clark (CC), Association of British Insurers
Graham Cohen (GC), BNY Mellon
Rebecca Ding (RD1), Financial Conduct Authority (Transformation Programme Lead)
Richard Dunne (RD2), RSA Group
Lee Fulmer (LF), UBS
Alastair Hall (AH), Legal & General
Rakshit Kapoor (RK), Santander
Shane Kingston (SK), Brit Insurance
Angus Moir (AM), Bank of England (Transformation Programme Lead)
Scott O'Malia (SOM), International Swaps and Derivatives Association
Adrian Pearce (AP), Credit Suisse
Ian Phoenix (IP), Financial Conduct Authority (Director of Intelligence & Digital)
Corinne Powley (CP), Phoenix Group
Elaine Priest (EP), NatWest
Charles Reindorf (CR1), Bank of America
Charles Resnick (CR2), ClearBank
Aaron Shiret (AS), Bank of England (TDC Secretariat)
Simone Steel (SS), Nationwide Building Society
John Tierney (JT), Nomura
Matthew Tyrrell (MT), Financial Conduct Authority (Senior Manager, Central Data Services)
Apologies
Gareth Ramsay, Bank of England (Executive Director of Data & Analytics)
David Palmer-Lewis, Principality Building Society
Andy Parsons, Just Group