The Prudential Regulation Authority (PRA) published a readout from its 19 May roundtable with chief financial officers of the largest, most systemic firms operating in the UK on the Future Banking Data (FBD) project. The discussion, attended by senior representatives from the Bank of England and the Financial Conduct Authority, sought feedback on planned work for the year ahead and the longer-term direction of a more coherent, proportionate and cost-effective approach to regulatory reporting. Attendees broadly supported two near-term deliverables: consulting on the deletion of little-used PRA rules-based reporting templates and developing a firm-facing digital portal to improve communication and case management. The PRA plans to publish a consultation paper on an initial, targeted set of template deletions by the end of the year, with potential for further streamlining in later phases, while the Bank of England is also developing a plan to review statistical collections and remove at least one. The portal’s initial use case would digitise data submissions for regulatory transactions, replacing manual processes such as emailed printed forms, with potential to expand to managing reporting queries. Longer-term themes raised by firms included the need for a clear vision delivered through incremental changes supported by cost-benefit analysis, greater alignment of UK data collections through more consistent standards and definitions including development of a data dictionary, and consideration of more granular reporting, with loan-level mortgage data highlighted as a possible early use case. Next steps include further engagement with a wider set of firms via trade associations, a Bank of England update to the CFO group in Q3 and additional feedback later in the year. The plan is to develop a vision by the end of 2025 for a multi-year programme of reporting change, and the PRA also intends to publish a discussion paper on current data use and challenges, including a high-level overview of why it collects data.
Prudential Regulation Authority 2025-07-01
United Kingdom's Prudential Regulation Authority outlines Future Banking Data deliverables including reporting template deletions and a firm-facing digital portal
The Prudential Regulation Authority (PRA) summarized its roundtable with UK firms' CFOs on the Future Banking Data project, focusing on regulatory reporting improvements. Key initiatives include consulting on removing underused reporting templates and developing a digital portal for regulatory transactions. The PRA aims to establish a multi-year reporting change programme by the end of 2025, with further consultations and updates planned.