On 5 February 2021, the PRA issued an update regarding its expectations concerning regulatory reporting. The update follows the statement the PRA made on 26 June 2020.

In terms of the filing deadline for the annual report and accounts, the PRA states that, consistent with the announcement made by the FCA, it will accept a delay in the submission by UK banks and designated investment firms of their annual reports and accounts by up to two calendar months, where the remittance deadlines contained in the PRA Rulebook fall on or before 31 July 2021. For building societies, while the PRA is prepared to accept a similar delay, firms considering this may need to consider other statutory requirements that apply to them. Firms should keep their supervisory contact at the PRA notified of any significant developments in their financial circumstances and those that are able to submit before the end of the delayed submission window are encouraged to do so.

In terms of other types of regulatory reporting the PRA explains that it is prepared to consider being flexible in its expectations of firms where the remittance deadlines fall on or before 31 March 2021, and where the reporting is not time critical for supervisors. Firms expecting difficulty with timely submission should contact their usual supervisor to discuss.