Prudential Regulation Authority and Bank of England publish readout of Future Banking Data roundtable with international banks

The Prudential Regulation Authority (PRA) and the Bank of England published a readout of a 13 June roundtable with representatives of subsidiaries and branches of international banks operating in the UK, focused on Future Banking Data and how a long-term reporting approach could be made more cost-effective and proportionate. Participants supported reform of the regulatory reporting framework but pointed to burden driven by frequent regulatory change and ambiguous guidance, and asked for clearer definitions of data items and better explanations of why data are collected across regulatory and statistical reporting. Views differed on moving from aggregated template-based reporting to more granular datasets: some firms saw this as reducing the need for bespoke aggregations and interpretation, while others questioned the cost-effectiveness, highlighted the continuing need for total metrics, and suggested smaller firms below a size threshold should be exempt on proportionality grounds. Firms also identified scope to reduce costs through improved and more consistent submission systems, including pre-validation checks and harmonised file format requirements, noting that XBRL submissions were often a driver of additional cost; the PRA’s Liquidity Monitoring Metrics tool was cited as a positive example of transparency on how reported data are used. Proportionality featured throughout, including calls for more size-based thresholds and wider application of materiality in areas such as data quality expectations and nil returns. The session is one of a series of industry meetings the Bank is holding during 2025 on Future Banking Data.