On 22 September 2025, the Prudential Regulation Authority (PRA) published Consultation Paper 21/25 – Future banking data review: Deletion of banking reporting templates (CP21/25).
Background
The proposals in CP21/25 are the first set of deliverables under the Future Banking Data programme which is intended to deliver a tangible cost reduction in banking regulatory reporting. The proposals focus on Financial Reporting (FINREP) templates as these templates are a relatively standalone set within the broader reporting environment. Insights from CP21/25 will inform future workstreams that are likely to be more complicated, as they are likely to also involve partial deletions and reconfigurations of existing data collections in order to achieve further net reductions in firms’ overall reporting burdens.
Proposals
In CP21/25 the PRA proposes to delete 34 FINREP reporting templates which represents around a third of all FINREP collections, and around a tenth of all regulatory reporting templates. The PRA proposes to delete the collections as it believes that they are either duplicative of other collections or information sources or misaligned with current supervisory and policy needs.
The PRA also proposes amendments to the PRA Rulebook to consolidate FINREP requirements into a single chapter. It also proposes to delete three further templates: two Common Reporting (COREP) templates and PRA 109 as these have become obsolete and no longer provide sufficient supervisory value.
Next steps
The deadline for comments on CP21/25 is 22 October 2025.
This shorter consultation window is to facilitate implementation at year-end.
The PRA proposes that the implementation date for the changes resulting from CP21/25 would be 31 December 2025. This date would facilitate implementation before the Q4 reporting date. This date has been chosen to align with the calendar year to avoid transitional complexities.
The PRA will set out its thinking on Future Banking Data in a Discussion Paper later this year, with the intention to deliver a series of pragmatic and incremental changes to reporting over the coming years.