The PSR data collection framework
The Strategy and Intelligence team is designing a new data framework to nurture our understanding of the payments sector and help to inform and assess our regulatory interventions. To this end, we need to gather data and intelligence about the sector in a systematic and proportionate way.
Through robust evidence and good intelligence, regulators can take better decisions and can fulfil their objectives more effectively. That is why we are building a data framework to provide the PSR ongoing and reliable intelligence on the payment sector.
The team building this framework is part of the Strategy and Intelligence (formerly Strategy, Analysis and Monitoring) division led by Natalie Timan.
Over the next five years, this work will be key for delivering our priorities within the PSR Strategy. It will help inform our decision-making and contribute to our robust body of evidence and reliable sector intelligence.
As we deepen our understanding of key trends in the payment sector and continue to map the payment value chain, this new data framework aims to efficiently impact the way we prioritise, decide, and assess our regulatory action at the PSR.
Why this is important
We want to ensure we make use of the various sources of data about payments as effectively as possible. We need to clearly identify and address the key gaps in the data we currently have access to.
This will allow us to:
- support our work for the delivery and the monitoring of the PSR Strategy;
- strengthen our analytics capabilities, to help our decision-making and help us set priorities;
- centralise intelligence more effectively and collaboratively across the PSR;
- take a consistent view of trends and insights on the payment sector from the data across our programme of work;
- work with other regulators to refine our cross-sectoral view of key overlapping trends and insights.
How we will do this
A key consideration in building a systematic and robust data framework is ensuring that we collect and manage the data we need, in a proportionate and efficient way.
To do this, we collate existing data made available by key stakeholders such as UK Finance and any relevant data gathered by other teams at the PSR. We also work with the FCA and the Bank of England to share, through the appropriate information gateways, any relevant data on the sector. This allows us to have a holistic view of the data we have access to and the data gaps we may need to address to complement our framework. Where necessary we will request data to address key gaps and ensure a consistent view of the sector.
As we work with other authorities, such as the FCA, the CMA or the Bank of England, we also benefit from their long-standing experience and best practices in data management and advanced analytics to apply it to our work where possible. Through this engagement we coordinate our cross-regulatory action efficiently so we can minimise any potential regulatory reporting burden and associated costs on firms. This includes using existing data request templates and processes, sharing relevant data, and reducing the risk of duplication of information requests.
We also engage with the relevant firms and professional bodies in the sector to refine our understanding of the latest trends in payments. We hope to also use this engagement to assess the progress and frequently review our approach to this work.
When undertaking this work, we will ensure that we collect, manage, store and protect the data we receive effectively and in accordance with the appropriate data policies, legislation and regulations.
The team will continue and expand its engagement with other authorities, as well as some key stakeholders in the sector to identify, assess and address gaps in our data.
If you would like to contribute to this work and engage with the team, please contact us at firstname.lastname@example.org at any time. The information received will help shape this work.