The Prudential Regulation Authority (PRA) has today announced
proposals to reduce regulatory requirements for banks by deleting
37 individual reporting templates.
The proposals represent an initial set of targeted deletions of
whole reporting templates that were inherited from European Union
regulations. This is a first deliverable from the PRA's strategic
review of its banking data collections – the Future Banking Data
project.
The vast majority of the templates being removed relate to
financial reporting, improving an area which has been previously
identified by firms as having overlapping and complex
requirements.
The PRA has decided that these templates cover data which are
either no longer necessary to support its work or are already
available elsewhere. Their removal should benefit firms by
reducing their administrative costs.
Rebecca Jackson, Executive Director for Authorisations,
Regulatory Technology, and International Supervision and
executive sponsor of Future Banking Data, said:
“It's essential to get the right data from firms in order to
supervise them properly. But it's also important that we do that
as efficiently as possible and in a low-cost way, so they can
focus on their core business and supporting their customers.
Today's announcement is another example of our ongoing work to
enhance the proportionality of our regulation and support growth
without risking the stability of firms or the wider financial
system.”
The proposals build on a raft of simplifications the PRA has
already made to reporting for insurers, reducing insurance
reporting by one third. Firms are already benefitting from those
changes.
This consultation will run for one month, with the goal of
implementing the changes on 1 January 2026. This would save the
industry an estimated £26 million annually.
The consultation forms an initial phase of the PRA's Future
Banking Data initiative, which aims over time to significantly
reduce burdens on firms whilst ensuring the PRA receives the
high-quality data it needs to do its job.
The proposed changes, and the planned future work in this area,
build upon other recent announcements by the PRA designed to
support growth. These include options to enhance competition in
the mortgage market, work to make the resolution regime more
proportionate, and plans to simplify the capital regime for
smaller, UK-focused banks.
ENDS
Notes to editors
-
The Future Banking Data consultation paper opens today,
Monday 22 September 2025, and will close on Wednesday 22
October 2025.
-
This consultation will run for one month, reflecting the
desire to implement the changes on 1/1/2026.
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Templates being removed include topics such as financial
assets at amortised cost, information on performing and
non-performing exposures, and movements in allowances and
provisions for credit losses.
-
Later in the year, the PRA will publish a Discussion Paper
setting out the principles underpinning its approach to
reporting, supporting pragmatic and incremental changes to
bank reporting over the coming years with demonstrated
benefits at each step.
-
The Bank of England, as the UK resolution authority, is also
consulting today on deleting six resolution-related reporting
templates. Both initiatives contribute to the broader
objective of streamlining regulatory reporting.
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The Resolution deletions consultation paper also opens today,
and will close on 21 November.
-
This consultation will run for almost eight weeks, reflecting
a later implementation date than the proposed PRA deletions.
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The Bank's Statistical Reporting team have also launched a
consultation to discontinue the collection and publication of
Form BN on the further sectoral breakdown of non-resident
monetary financial institutions.
-
The Statistical Reporting consultation opens today, and will
close on 31 December.
