Theme 3: Data collection

Description 

Number of data requests and time given to firms to respond with breakdown (Mean and 95th percentile in days)

2023/24 Values

Source: FCA data

The above tables show data collected using RegData[1] (our platform for gathering regulatory data from firms) and, ad-hoc data and information requests. We use this data to support our everyday activities, including firm supervision. RegData returns are based on requirements from our rulebook and use standard templates that firms are expected to fill in and return to us at a set frequency throughout the year. Ad-hoc requests are usually one-off voluntary requests, or requests made using our information gathering powers, sent to a sample of firms using an online survey platform to enable us to quickly monitor emerging issues and risks or where our need for the data is time limited.

For simplicity, RegData returns and Ad-hoc surveys are both referred to as templates in this metric. For example, FIN074[2], a RegData report for firms liable to pay the Economic Crime Levy, would be counted as one template in the ‘annual’ row of the first table. An ad-hoc request asking a sample of consumer finance firms to provide detail on the number of customers impacted by an emerging issue would be counted as one template in the ‘one-off and other’ row.

While the majority of ad-hoc requests are one-off, some repeat requests are sent to firms. For this reason, not all ad-hoc requests are categorised as one-off templates. Similarly, the same RegData template might be sent at different frequencies to different firms, for example a template that firms are usually expected to return quarterly might be requested on a six-monthly basis from smaller firms. The same template would then be included in both the quarterly and half-yearly rows. As a result, the total templates figure is not an exact count of the different types of template we have used in the reporting period.

The second table shows the volume of data requests sent out in the last year. Most of our data requests are made using RegData, following a consistent schedule that is predictable for both firms and supervisors. Ad hoc requests make up less than 2% of all requests by volume despite accounting for the majority of one-off templates.

The ‘number of fixed firms’ figure was calculated using firm reference numbers (FRNs). If a fixed firm holds multiple FRNs, then it will be counted multiple times in this figure. For example, a large firm made up of multiple authorised legal entities holding different regulatory permissions will return separate quarterly RegData responses for each relevant legal entity. A single quarterly return for a fixed firm with three FRNs could therefore account for up to twelve data requests across the year.

‘Other’ firms include registered firms such as exchanges and payments/e-money firms as well as firms whose status has changed since reporting.