The Prudential Regulation Authority (PRA) has published a discussion paper setting out its latest thinking on the Future Banking Data (FBD) programme and seeking industry views on a roadmap of pragmatic, incremental changes to banking data collections. The programme is framed around reducing reporting costs for banks while improving the relevance, quality and timeliness of data the PRA uses for supervision, financial stability monitoring and policy work. The paper describes how the PRA relies on a broad data estate spanning Rulebook and non-Rulebook collections and supervisory information, and identifies areas for further streamlining and modernisation, including reviewing what data are collected, from which firms and at what frequency; improving the coherence and clarity of reporting instructions; and addressing gaps in data for new and emerging risks. It proposes four guiding principles for reform, including objectives-driven collections, collecting data “once and well”, making data easier to supply, and ensuring collections remain fit for purpose over time, while highlighting trade-offs such as timeliness versus comparability, standardisation versus flexibility, granular versus aggregated data, and international alignment versus UK tailoring. The scope covers PRA-authorised UK banks, building societies, PRA-designated UK investment firms and relevant group entities, and excludes credit unions; the paper also notes that fundamental changes to submission technology platforms are not currently planned within FBD. Responses are requested by Tuesday 5 May 2026, after which the PRA expects to work with firms to develop a reform roadmap. Possible future phases include extending recent whole-template deletions to further deletions and simplifications, strengthening cost-benefit modelling of reporting and change costs, simplifying reporting rules, and developing clearer instructions and a data dictionary approach, with future scoping subject to the PRA’s levy consultation process.
Prudential Regulation Authority 2026-02-04
Prudential Regulation Authority launches discussion on Future Banking Data reforms to streamline bank regulatory reporting
The Prudential Regulation Authority has published a discussion paper on its Future Banking Data programme, outlining incremental reforms to banking data collections to reduce reporting costs and improve data relevance, quality and timeliness. The paper sets out four guiding principles, highlights key trade-offs in data design, and identifies potential future phases including further template deletions, simplified reporting rules, clearer instructions and a data dictionary approach for PRA-authorised UK banks, building societies, PRA-designated UK investment firms and relevant group entities.