Prudential Regulation Authority consults on deleting 34 FINREP templates to cut banking reporting costs by around GBP 26 million a year

The Prudential Regulation Authority has launched a consultation under its Future Banking Data programme proposing to remove a first wave of banking regulatory reporting requirements, led by the deletion of selected FINREP templates, alongside rule changes intended to simplify how remaining FINREP obligations are applied and submitted. The package would permanently delete 34 FINREP templates, representing around a third of FINREP collections and about a tenth of all regulatory reporting templates, on the basis they are duplicative, obsolete, or misaligned with current supervisory and policy needs, and would disable associated validation rules. It also proposes to consolidate remaining FINREP requirements into a single chapter of the PRA Rulebook, clarify scoping conditions to reduce unintentional overreporting, and align all FINREP remittance dates to business days. In addition, the PRA would delete COREP templates C 05.01 (Transitional Provisions) and C 05.02 (Grandfathered Instruments), reflecting the expiry of the underlying CRR transitional and grandfathering regimes, and remove the PRA 109 Operational Continuity in Resolution template, which it considers obsolete following the 2023 OCIR policy revision. The proposals apply to PRA-authorised UK banks, building societies, PRA-designated UK investment firms and qualifying parent undertakings, and are not relevant to credit unions. Responses are due by 22 October 2025, with an implementation date proposed for 31 December 2025. The PRA also indicates it will publish a Future Banking Data discussion paper later in the year, and notes that the Bank of England is consulting separately on deleting six resolution templates in connection with revised minimum requirement for own funds and eligible liabilities reporting.