In the PRA’s previous statement published on Friday 26 June 2020 'Statement by the PRA on Covid-19 regulatory reporting and disclosure amendments', the PRA set out its expectations regarding timely submission for future regulatory reporting, and that any firms experiencing difficulty with timely submission should contact their usual supervisor. In this statement we provide further guidance on submitting this year’s annual submissions and other types of regulatory reporting.
Filing deadline for the annual report and accounts
As highlighted recently by the Financial Reporting Council (FRC) and the Financial Conduct Authority (FCA), recent government guidance on Covid-19 restrictions and an increase in Covid-19 cases may impact the time needed by firms and their auditors to complete the work necessary to finalise firms’ annual report and accounts. The requirement for this report to be audited may make timely submission challenging for some firms.
Consistent with the measures announced by the FRC and FCA, the PRA will accept a delay in the submission by UK banks and designated investment firms of their annual reports and accounts by up to two calendar months, where the remittance deadlines contained in the PRA Rulebook fall on or before Saturday 31 July 2021. For building societies, while the PRA is prepared to accept a similar delay, firms considering this may need to consider other statutory requirements that apply to them.
Firms should keep their supervisory contact at the PRA notified of any significant developments in their financial circumstances and those that are able to submit before the end of the delayed submission window are encouraged to do so.
Other types of regulatory reporting
The PRA recognises that the pandemic may be creating challenges for some firms’ ability to meet other regulatory reporting deadlines. The PRA is prepared to consider being flexible in its expectations of firms’ submissions for such reporting where the remittance deadlines fall on or before Wednesday 31 March 2021, and where the reporting is not time critical for supervisors. Firms expecting to experience difficulty with timely submission should contact their usual supervisor to discuss.