Its adoption so far has in part been due to the push from regulators, but it needs to be used by a wider set of participants – we at the Bank are continuing to support that wider uptake, including for corporates beyond the financial sector. It needs to be included in new areas such as payment messages – we will soon be mandating the use of LEIs in payments through our CHAPS system. More broadly, LEI systems and processes need to continually evolve to ensure they can meet the demands of a digital world. 5  All speeches are available online at www.bankofengland.co.uk/news/speeches and @BoE_PressOffice  5  The LEI shows that standards take time to be designed, refined and adopted, and so reaping their benefits requires patience and persistence. That will be the case for our collective journey, too. Our approach to developing standards  So how do we plan to go about expanding and improving the use of common data standards in the financial sector? Two key principles underlie our approach to helping develop and adopt data standards. First, this will be no Big Bang event. As the LEI journey shows, developing standards takes time. We, the FCA and industry will need to move forwards step-by-step, use case by use case, delivering value and benefits as we go. That means taking one area of data at a time, with the right specialists participating in the work to develop standards for those data.
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