FCA has published a document explaining why it collects data and the uses to which it will put the data it collects. It recognises that in the past collection has frustrated firms, as the Financial Services Authority collected large amounts of data, gave firms what seemed unreasonable timescales to produce data and gave minimal feedback on data use. FCA says it will have effective governance and controls over the data it requests and collects, and will engage better with firms. (Source: FCA Sets Out Data Use Strategy)