The Prudential Regulation Authority will seek the advice of on proposals to chop regulatory banking guidelines inherited from the European Union.
The Bank of England watchdog says it plans to scrap 37 particular person reporting templates as the primary a part of a evaluation of banking knowledge collections, which it calls the Future Banking Data mission.
It says: “The overwhelming majority of the templates being eliminated relate to monetary reporting, bettering an space which has been beforehand recognized by corporations as having overlapping and complicated necessities.”
“The Prudential Regulation Authority has determined that these templates cowl knowledge that are both now not essential to help its work or are already out there elsewhere. Their removing ought to profit corporations by decreasing their administrative prices.”
The physique, which supervises 1,500 monetary establishments, says the transfer will save the business round £26m a yr.
This session, which opens at this time, will run till 22 October, with the physique focusing on 1 January subsequent yr to place these modifications in place.
PRA govt director for authorisations, regulatory know-how, and worldwide supervision Rebecca Jackson says: “It’s important to get the precise knowledge from corporations in an effort to supervise them correctly.
“But it’s additionally essential that we do this as effectively as potential and in a low-cost approach, to allow them to focus on their core enterprise and supporting their prospects.
“Today’s announcement is one other instance of our ongoing work to reinforce the proportionality of our regulation and help development with out risking the soundness of corporations or the broader monetary system.”
In July, the Prudential Regulation Authority eased liquidity guidelines for mid-sized banks, in a transfer designed to “make it simpler for mid-sized banks to scale up within the mortgage market”.
