The PRA has hosted a roundtable with CFOs at large systemic firms to discuss the Future Banking Data project, which focuses on opportunities to develop and implement a long-term reporting approach for firms which is coherent, proportionate and cost-effective.
Attendees generally supported the PRA’s two short-term deliverables: a consultation paper on initial targeted deletions of little-used rules-based reporting templates (to be followed by further proposed deletions later in the project); and the development of a firm-facing digital portal to facilitate more efficient communication and case management.
Firms also broadly supported plans for longer-term reforms. Key themes included:
- Importance of a clear vision and incremental progress;
- Need for greater alignment across UK collections; and
- Transforming data to meet reporting requirements increases costs, but the level of aggregation should be driven by the purpose of each collection.