UK PRA consults on reducing bank reporting templates

The UK Prudential Regulation Authority (PRA) has published a consultation paper CP21/25, proposing changes to streamline regulatory reporting for banks as part of its Future Banking Data project. The proposals include: (i) deleting 34 Financial Reporting (FINREP) templates; (ii) consolidating FINREP requirements into a single chapter within the PRA Rulebook; and (iii) removing three further templates including two Common Reporting templates and PRA 109, which are now considered obsolete. These changes mark the first phase of broader efforts to simplify data collection and are intended to eliminate reporting that no longer materially contributes to the PRA's supervisory or policy objectives. The changes will be implemented through the draft statutory instrument and draft amendments to Supervisory Statement 34/15 on guidelines for completing regulatory reports, both of which are included in the appendices to the consultation paper. The deadline for comments is 22 October, with implementation proposed for 31 December. A discussion paper outlining the PRA's future approach to banking data is expected later this year. The consultation complements wider simplification efforts across the financial sector, including for resolution-related reporting, which is addressed in a separate consultation.

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