The Prudential Regulation Authority (PRA) has announced new plans to reduce the regulatory requirements for banks by deleting 37 individual reporting templates.

Most of the templates being removed relate to financial reporting, which the PRA has stated would improve an area previously identified by firms as having overlapping and complex requirements.

The PRA, which is part of the Bank of England, is responsible for the prudential regulation and supervision of banks, building societies, credit unions, insurers and investment firms. The authority has suggested that its latest proposals represent an initial set of targeted deletions of whole reporting templates that were inherited from EU regulations.

The templates that the regulator is seeking to remove cover data which is either no longer necessary to support its work or are already available elsewhere. The PRA said their removal should benefit firms by reducing their administrative costs.

Following one month of consultation, the PRA has a goal of implementing the changes on
1 January 2026. It has estimated this would save the industry £26m annually.

Executive director for authorisations, regulatory technology, and international supervision, Rebecca Jackson, said: “It’s essential to get the right data from firms in order to supervise them properly. But it’s also important that we do that as efficiently as possible and in a low-cost way, so they can focus on their core business and supporting their customers.

“Today’s announcement is another example of our ongoing work to enhance the proportionality of our regulation and support growth without risking the stability of firms or the wider financial system.”

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