PRA proposes diminished reporting necessities for banks

The Prudential Regulation Authority (PRA) has in the present day introduced proposals to cut back regulatory necessities for banks by deleting 37 particular person reporting templates.

The proposals characterize an preliminary set of focused deletions of complete reporting templates that had been inherited from European Union rules. This is a primary deliverable from the PRA’s strategic evaluate of its banking information collections – the Future Banking Data venture.

The overwhelming majority of the templates being eliminated relate to monetary reporting, bettering an space which has been beforehand recognized by companies as having overlapping and complicated necessities.

The PRA has determined that these templates cowl information that are both now not essential to assist its work or are already obtainable elsewhere. Their removing ought to profit companies by decreasing their administrative prices.

Rebecca Jackson, Executive Director for Authorisations, Regulatory Technology, and International Supervision and government sponsor of Future Banking Data, stated: “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 construct on a raft of simplifications the PRA has already made to reporting for insurers, decreasing insurance coverage reporting by one third. Firms are already benefitting from these modifications.

This session will run for one month, with the objective of implementing the modifications on
1 January 2026. This would save the business an estimated £26 million yearly.

The session varieties an preliminary section of the PRA’s Future Banking Data initiative, which goals over time to considerably cut back burdens on companies while making certain the PRA receives the high-quality information it must do its job.

The proposed modifications, and the deliberate future work on this space, construct upon different latest bulletins by the PRA designed to assist progress. These embrace choices to boost competitors within the mortgage market, work to make the decision regime extra proportionate, and plans to simplify the capital regime for smaller, UK-focused banks.

The Bank’s Statistical Reporting crew have launched a session to discontinue the gathering and publication of Form BN on the additional sectoral breakdown of non-resident financial monetary establishments.