
The Prudential Regulation Authority will consult on proposals to cut regulatory banking rules inherited from the European Union.
The Bank of England watchdog says it plans to scrap 37 individual reporting templates as the first part of a review of banking data collections, which it calls the Future Banking Data project.
It says: “The vast majority of the templates being removed relate to financial reporting, improving an area which has been previously identified by firms as having overlapping and complex requirements.”
“The Prudential Regulation Authority has decided that these templates cover data which are either no longer necessary to support its work or are already available elsewhere. Their removal should benefit firms by reducing their administrative costs.”
The body, which supervises 1,500 financial institutions, says the move will save the industry around £26m a year.
This consultation, which opens today, will run until 22 October, with the body targeting 1 January next year to put these changes in place.
PRA executive director for authorisations, regulatory technology, and international supervision Rebecca Jackson says: “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.”
In July, the Prudential Regulation Authority eased liquidity rules for mid-sized banks, in a move designed to “make it easier for mid-sized banks to scale up in the mortgage market”.