TITLE: Bank of England Prudential Regulation Authority Launches Discussion on Future Banking Data Collection Framework
BODY:
On 4 February 2026, the Prudential Regulation Authority (PRA) published Discussion Paper 1/26 (DP1/26) outlining its strategic approach to regulatory reporting for banks. The Future Banking Data (FBD) programme aims to deliver tangible cost reduction for banks while improving the relevance, quality and timeliness of data collection, consistent with the PRA's secondary competitiveness and growth objective.
The PRA collects regulatory data from PRA-authorised UK banks, building societies, PRA-designated investment firms, and their qualifying parent undertakings to support effective supervision, assess risks to financial stability, and inform policy development. The discussion paper identifies four key areas for potential improvement: reviewing what data is collected and from which firms; evaluating legacy collection processes; clarifying reporting instructions; and closing data gaps around emerging risks. The PRA recognises that data provision represents substantial costs for firms, with over 400 reporting templates currently in use covering capital adequacy, liquidity, credit quality, market risk and counterparty risk.
The PRA proposes four principles to guide the FBD programme: anchoring data collection in the PRA's statutory objectives; collecting data "once and well" by minimising duplication; making it easier for firms to supply data; and ensuring collections remain fit for purpose over time. The paper acknowledges various trade-offs including timeliness versus comparability, standardisation versus flexibility, and granular versus aggregated data formats. The PRA has already implemented initial template deletions effective 31 December 2025 and simplified reporting for Small Domestic Deposit Takers under its Strong and Simple framework.
The consultation closes on 5 Tuesday 5 May 2026. Responses should be submitted to DP1_26@bankofengland.co.uk. The PRA will develop a roadmap for pragmatic and incremental reforms based on consultation feedback, with future phases potentially including further template deletions, cost-benefit analysis refinement, and development of data dictionary approaches.