UK regulators have announced a series of proposals aimed at reducing the regulatory reporting burden on banks. The Prudential Regulation Authority (PRA) has put forward plans to delete 37 regulatory reporting templates, as outlined in its consultation paper CP21/25 published on September 22, 2025. This move is part of the Future Banking Data initiative and reflects an effort to move away from a framework inherited from the European Union towards a system that is more tailored and efficient for UK banks.

The PRA's proposed deletions include 34 Financial Reporting (FINREP) templates, two Common Reporting (COREP) templates related to transitional provisions and grandfathered instruments, and the PRA 109 form concerning operational continuity in resolution. According to the PRA, these templates are either redundant or no longer necessary for effective supervision because the required data is already available elsewhere or no longer serves a critical purpose.

The consultation period for these changes will end on October 22, 2025. If approved, implementation is expected by January 1, 2026. The PRA estimates that this could save the UK banking industry about GBP 26 million annually.

Further actions are planned by the PRA later in the year with a discussion paper outlining principles for future reporting changes. These steps align with broader efforts by UK financial authorities to simplify regulation. In parallel, the Bank of England (BoE) is consulting on deleting six resolution-related reporting templates as part of its own push for modernization. The BoE’s consultation runs until November 21, 2025, with changes likely before April 2026’s annual reporting cycle.

Additionally, until October 31, 2025, the PRA is seeking feedback on proposals to simplify Minimum Requirement for own funds and Eligible Liabilities (MREL) reporting templates by consolidating certain fields into one template.

These reforms reflect strategic shifts following Brexit. With divergence from EU requirements increasing, banks operating across both jurisdictions will need separate compliance systems for their UK and EU operations. Industry observers suggest these changes will prompt banks to modernize their data infrastructure and shift toward centralized data management models.

According to the press release: "The 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 new legislative powers under the Financial Services and Markets Act 2023 "to prioritize proportionality, efficiency, and a forward-looking, data-driven approach to supervision."

For further details:

- The official PRA announcement outlines specifics of these initiatives.

- More information can be found in Consultation paper CP21/25.

- Details regarding BoE’s proposal are available at BoE resolution reporting proposal.

- Updates about MREL can be accessed through MREL reporting consultation.

- A summary of discussions from industry stakeholders appears in this Summary of Future Banking Data roundtable.