Financial Sector Call for Better Data Foundations For A Better Compliance Future

Financial services leaders have called for stronger data practices amid growing pressure to modernise regulatory compliance and urging businesses to move away from reactive reporting to data-driven readiness.

Data Making a Difference, which brought together leaders from banking, industry and technology, offered a clear blueprint on how firms can reduce friction and simplify reporting processes to design and adopt compliance systems that are resilient at their core.

The discussion centered on how businesses can use innovative approaches to ensure data is fit for regulatory purposes without solely relying on regulatory scrutiny to find out. 

These approaches leverage collaboration and sandboxes to independently assess data readiness for regulatory compliance and reduce the burden on compliance teams.

Tom Carroll, Head of Business Development at Datactics, said: “Regulation is no longer just a policy issue, it’s a data issue, and too often, compliance is treated as something to solve at the end of a process. However, if the data isn’t right from the start, everything downstream slows down or breaks. The firms that are best positioned to adapt are the ones treating compliance as a product of good data foundations. You can’t retrofit readiness, compliance has to be built into the flow of business.”

The session reflected a broader shift across financial services, where regulatory expectations are increasing, but so are opportunities to rethink how compliance is delivered. By investing in smarter data infrastructure, firms can move faster, respond with confidence, and build long-term resilience into core operations.

This is especially relevant in the context of AI. 75% of firms are already using AI, with another 10% planning adoption in the next three years, according to the Bank of England’s AI in Financial Services report. However, for safe and secure AI, data quality must become a priority, to ensure transparency, accountability, and informed oversight across financial services. 

Stuart Harvey, CEO of Datactics, said: “Data readiness is the foundation for better decisions, stronger compliance, and smarter services. Whether in healthcare, financial services, or the public sector, the organisations making the biggest impact are those that treat data as a strategic asset and invest in information they can trust, use, and act on. When data is accurate, accessible, and aligned to real outcomes, it becomes a driver of long-term impact and resilience.” 

Data Making a Difference brings together leaders from across finance, healthcare, and the public sector to showcase how organisations are using data to improve services, drive innovation, and embed a stronger data culture. In addition to the regulatory panel, the event featured sessions on ethical AI, public sector transformation, and the evolving role of standards in long-term digital innovation.