Our aim and approach
We aim to get the data we need to fulfil our mission at the lowest possible cost to industry. In line with the Prudential Regulation Authority’s (PRA) secondary competitiveness and growth objective (SCGO), we are working on improvements to the relevance, timeliness and quality of data collected so that we can fulfil our primary objective to promote the safety and soundness of banks while reducing reporting burdens. We are consulting industry on the drivers of their reporting burden to ensure we deliver appropriate solutions.
Future Banking Data
In spring 2025, the PRA and Bank of England launched the Future Banking Data (FBD) project.
It is funded by the PRA Levy and aims to deliver the twin goals of tangible cost reduction in banking regulatory reporting, and improvements to the data available to Bank and PRA staff.
To achieve these goals, FBD agreed with industry to deliver the following focused programme of work in 2025/26:
- Consult on proposals for the deletion of underused or duplicative whole templates.
- Develop a portal that will digitise and automate how firms transact with the PRA. Initially, it will give the foundations for digitising how we collect data for authorisation purposes, bringing efficiency benefits for all. We plan to extend the portal’s capabilities in due course.
- Work with industry, at senior and working level, to help shape the future strategy for banking data collection. The PRA will work closely with industry in developing an approach to collections that can be maintained and evolve as risks emerge. The intended outcome will be a shared vision on priorities and approach to future reform to streamline and modernise regulatory collections from banks. We will continue to engage and co-ordinate with the Financial Conduct Authority (FCA) to identify opportunities where working together will bring greater benefits.
Industry engagement
Engaging with industry is key to our work. It will identify where industry think the opportunities are to reduce unnecessary burden and inform the design of solutions.
Industry roundtables
During 2025, we held roundtables with industry to gather feedback on our planned deliverables for 2025/26, discuss longer-term reform and to help shape our future strategic plans.
Latest publications and updates
8 December 2025: PS27/25 – Future Banking Data: Deletion of banking reporting templates
22 September 2025: CP21/25 – Future banking data review: Deletion of banking reporting templates
1 July 2025: Roundtable with UK Finance and the Building Societies Association
13 June 2025: Roundtable with the Association of Foreign Banks
19 May 2025: Roundtable with Chief Financial Officers of systemically important firms
How to find out more
If you would like more information, please contact FutureBankingData@bankofengland.co.uk
Background of our work to improve approach to data collection
A key milestone in the Bank’s work on improving its approach to data collection was the Data Collection Review in 2020. It gathered perspectives from industry on issues supplying data, and from regulators on issues with receiving and using them. It suggested what could be done collectively to tackle those issues.
In 2021, the Bank and the FCA began a joint transformation programme, working with industry to design and test solutions to address the issues identified. They did so in the context of specific use cases selected by regulators.
Through user research and feedback, the Bank delivered an improved experience for reporters of statistical data. This was achieved through a newly designed statistical reporting landing page, and dedicated landing pages for all 31 of the statistical reporting forms, making guidance easier to find and navigate, and helping firms to understand their requirements more easily.
The programme established a framework for industry engagement to allow for focused discussions to help inform and shape work around data collection. One example was the Data Standards Review, which gave recommendations on how to improve the development and adoption of data standards. This included the establishment of the Industry Data Standards Committee, dedicated to the continuous discussion of this topic.
In 2023, work began to review the PRA’s banking regulatory data collections, to make sure the PRA collects the data it needs to fulfil its mission, at the lowest possible cost to industry. The review aimed to seek better alignment of data collections with the needs of day-to-day supervision, better integration and streamlining of our data collections and to ensure it has the data it needs to carry out any policymaking responsibilities. This work and aspects of the Bank’s collaborative work with industry and the FCA on Transformation Data Collection (TDC) are being delivered through the Future Banking Data project.