The Prudential Regulation Authority (PRA) is taking a tangible step to modernize UK financial regulation by proposing the removal of 37 regulatory reporting templates. This initiative, a key early deliverable of the Future Banking Data initiative, signals a clear shift from a rigid, inherited EU framework toward a more tailored, efficient, and data-centric approach to supervision. It aims to create a more efficient and proportionate reporting framework, with a strong focus on reducing the administrative burden on banks while maintaining supervisory effectiveness.
Proposed deletions by PRA
The PRA's consultation paper, CP21/25, published on September 22, 2025, details a targeted set of deletions, focusing on templates that are deemed either redundant or no longer necessary for effective supervision. The PRA has determined that the data is either already available from other sources or no longer serves a critical purpose.
The proposed deletions include:
34 Financial Reporting (FINREP) templates: These templates, largely inherited from the EU, were part of a framework designed for 28 member states. With these deletions, PRA moves to consolidate FINREP scoping provisions into a single section of its Rulebook.
2 Common Reporting (COREP) templates (C 05.01 and C 05.02): These relate to transitional provisions and grandfathered instruments, respectively, with their removal reflecting a cleanup of legacy reporting requirements.
PRA 109 form: This form, the Operational Continuity in Resolution template, is being deleted as part of the broader effort to simplify resolution-related reporting.
The consultation period for these changes ends on October 22, 2025. If approved, the changes are expected to be implemented by January 01, 2026, with the PRA estimating an annual saving of approximately GBP 26 million for the UK banking industry.
Complementary initiatives and broader strategy
The PRA plans to follow these actions with a discussion paper later in the year, outlining the principles for future, more complex reporting changes. Such PRA actions are part of a broader, coordinated push for regulatory simplification by the financial authorities in UK:
BoE Deletions: In a parallel move, the BoE is also consulting on deleting six resolution-related reporting templates (Z 02.00 to Z 06.00 and Z 05.01 and Z 05.02). These templates collect financial information for resolution planning, and their removal supports the shared goal of simplifying and modernizing reporting while ensuring the BoE, as the UK's resolution authority, retains necessary access to critical information. This consultation is open until November 21, 2025 with the BoE proposing to make these deletions effective ahead of the next annual reporting cycle that is due for submission in April 2026.
MREL Reporting: The PRA is also consulting, until October 31, 2025, on simplifying and updating its Minimum Requirement for own funds and Eligible Liabilities (MREL) reporting templates (MRL001, MRL002, and MRL003). This includes consolidating fields from the COREP13 UKTS into the MRL003 template, further streamlining the process.
Strategic implications
For financial institutions, particularly large, internationally active banks, this development has significant strategic implications:
The Divergence from the EU: This is a clear outcome of the UK's post-Brexit regulatory autonomy. While the underlying data may be similar, the reporting structure and submission requirements are expected to increasingly differ. This necessitates separate compliance systems for UK and EU operations, a strategic consideration for operational models. The move signals the UK's intent to develop a regulatory environment that is tailored to its specific market needs, instead of continuing with a "one-size-fits-all" approach.
The Push for Data Transformation: Industry commentators perceive that such initiatives will serve as a powerful catalyst for banks to modernize their data infrastructure. The deletions encourage a transition away from fragmented, report-specific data collection toward more centralized, streamlined data models. This shift is not merely an administrative change; it is a strategic push for higher-quality, more efficiently managed data. The future of compliance in the UK financial sector looks to be less about the administrative burden of filling out templates and more about the strategic management of data as a core asset.
The PRA's proposed deletions represent a tangible first step in a broader strategy to create a more dynamic and competitive financial services sector in the UK, leveraging the country's new legislative powers, under the Financial Services and Markets Act 2023, to prioritize proportionality, efficiency, and a forward-looking, data-driven approach to supervision. This phased approach, with further changes and streamlining on the horizon, sets the stage for a significant transformation in how UK financial institutions manage compliance and data.
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