The Prudential Regulation Authority (PRA) published a readout of a roundtable with chief financial officers of systemically important firms operating in the UK on the Future Banking Data (FBD) project, focused on reducing regulatory reporting burden and progressing longer-term changes to banking data collection. The meeting, also attended by senior representatives from the Bank of England and the Financial Conduct Authority, reviewed current workstreams and gathered industry input on where further burden reduction is achievable. Firms welcomed the PRA’s package of whole template deletions proposed in its September consultation, which focused mostly on FINREP, and pointed to additional areas where further whole deletions might be possible, including asset encumbrance reporting and additional liquidity monitoring metrics. Views were mixed on partial deletions, with some firms highlighting potential savings where sections are highly labour intensive and others warning of implementation effort, particularly alongside anticipated changes such as Basel 3.1 reporting. The discussion also covered links between regulatory reporting and public disclosures, and whether duplicative entity-level and consolidated reporting could be reduced. Alongside deletions, the PRA plans to publish a discussion paper explaining why it collects data and how the data are used, and the Bank and PRA proposed mortgages as an initial use case to test a “collect once and well” approach, supported by a planned industry working group. Separately, the PRA is developing a new portal to digitise and automate interactions with its Authorisations function, with a prototype to be tested with a small number of firms in the coming months.
Prudential Regulation Authority 2026-01-07
Prudential Regulation Authority readout sets out next steps on Future Banking Data including further template deletions and a mortgage data use case
The Prudential Regulation Authority published a readout of a roundtable with chief financial officers of systemically important UK firms on its Future Banking Data project, aimed at reducing regulatory reporting burden and reforming banking data collection. Firms broadly supported proposed whole template deletions, suggested further cuts in duplicative reporting, and discussed links with public disclosures. The PRA and the Bank of England proposed mortgages as an initial “collect once and well” use case and flagged a forthcoming discussion paper on data collection. The PRA is also developing a new portal to digitise and automate interactions with its Authorisations function, with a prototype to be tested with a small number of firms.