UK FCA new annual regulatory return to replace ad hoc collection of retail banking business models data

The UK Financial Conduct Authority (FCA) has published policy statement PS26/8 confirming final rules introducing a new annual regulatory return, replacing previous ad hoc retail banking business models (R2B2) data collections. The return will apply to banks and building societies meeting specified thresholds, including providing services to UK retail customers, reporting at least 200,000 UK customer relationships and having revenues of GBP5 million or more.

The reporting framework comprises two elements: (i) a core financial data request covering key product segments (including mortgages, personal banking and lending, and business banking), wholesale funding, and firm level financial metrics; and (ii) an "off the shelf" document request requiring readily available business documents, such as business plans and management reporting.

Following feedback to the January consultation, the FCA has made targeted amendments to the rules and the R2B2 template to streamline requirements, clarify definitions and group reporting rules, and reduce operational burden. Firms must submit the return annually in line with their accounting periods, with the first submission due by the end of November. The FCA will review the data annually to ensure it is of high quality and will review the collection after five years. The Supervision Manual (Amendment) Instrument 2026, which will make the relevant Handbook changes, comes into force on 1 June.

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