The PRA has issued a discussion paper on regulatory reporting for banks under its Future Banking Data programme. The programme aims to reduce costs for firms in line with the regulator’s competitiveness and growth objective, and deliver improvements to the relevance, quality and timeliness of data collection.
The paper sets out a range of potential reforms to the PRA’s approach to data collection, including:
- Making further reductions to reporting templates to reduce unnecessary or duplicative reporting requirements;
- Retiring or replacing legacy data templates with diminished supervisory value;
- Reviewing the type, source and frequency of data collections;
- Reviewing materiality thresholds and evaluating whether previous EU constraints might be relaxed;
- Making collection processes more coherent, for example by aligning reporting dates and formats across the PRA and other UK authorities, to reduce peaks in submission workloads;
- Clarifying instructions on reporting requirements;
- Addressing known data gaps, especially regarding non-bank financial institutions and rapidly evolving risks which may require new or revised collections and / or more frequent submissions.
The PRA also proposed that there should be four guiding principles for future data reforms, namely that data collection should be: objectives-driven; done ‘once and well’; fit for purpose over time; and made easier for firms to supply high-quality data. The regulator expects to develop a reform roadmap in due course.
The discussion paper closes on 5 May 2026.