Key Insights
Through the Future Banking Data (FBD) program, the PRA is moving away from form-driven, spreadsheet‑based reporting toward reusable, structured digital submissions, with expectations centered on data quality, lineage and auditability rather than template completion.
Greater data granularity increases supervisory insight and architectural pressure on firms. The move from aggregated totals to transaction‑, exposure‑ and loan‑level data enables tighter supervision and cross‑sectional analysis—but requires reporting architectures that can support scalable granularity and attestable data lineage.
While the PRA has eliminated and consolidated templates, expectations for data accuracy and reusability remain unchanged, reinforcing the need for stronger cross‑functional governance and requirement ownership across regulatory reporting.
The U.K. Prudential Regulation Authority (PRA), in partnership with the Bank of England, is undertaking a major data collection transformation project. The initiative aims to modernize data collection and support tangible cost reduction.
The project has been folded into the PRA’s Future Banking Data (FBD) program, which is working to enhance supervisory insight, reduce the burdens of duplication and improve data quality across the U.K. financial sector. The program focuses on supporting banks with competitiveness and growth.
Phased implementation of the PRA's Future Banking Data (FBD) program begain in 2026 and will conclude in 2028.
In the PRA's latest discussion paper, the regulator outlined the objectives and functions—through a pragmatic, incremental approach—of their collected banking data.
Currently, the PRA has been piloting new submission formats and workflows with selected firms. Broader adoption is expected in the next 12-18 months.
How will the FBD program impact regulatory reporting for U.K. banks and building societies?
Here are three key impacts of the FBD program and how institutions can prepare:
1. An integrated data collection platform
Change: From spreadsheet-based reporting to structured, machine-readable digital submissions in standardized formats, such as XBRL or XML.
Impact: The new platform enables digital data exchange for streamlining ad-hoc, digital submissions. Automated, pre-submission validation will improve data accuracy and reduce manual reconciliation, while accelerating processing and error resolution. The platform expects to place greater spotlight on data inconsistencies, making data lineage and better auditability essential.
Recommendation: Adopt data lineage tools that can provide traceability from source to submission for elevated data defensibility.
Adaptable Regulatory Reporting by Design: Advancing Confidently With the Pace of Regulation
Learn about the adaptable, multi-layered approach to regulatory reporting, why it scales efficiently through continuous regulatory change and the five indicators that signal your reporting processes aren’t scaling efficiently.
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Learn about the adaptable, multi-layered approach to regulatory reporting, why it scales efficiently through continuous regulatory change and the five indicators that signal your reporting processes aren’t scaling efficiently.
2. More granularity in regulatory data
Change: From aggregated totals to detailed, atomic underlying records of transaction-level, exposure-level and loan-level data
Impact: The PRA shared use cases in their latest discussion paper, which includes tighter supervision, cross-sectional analysis, policy, research and stress testing. The increased data granularity improves risk monitoring and delivers more in-depth, timely decision-making insights to institutions.
Recommendation: Adopt reporting architecture that aligns to PRA timelines and FBD-grade granularity, and can support large-scale transformations and attestations for finer-grained data.
3. Simpler reporting requirements
Change: Eliminated 37 templates (34 FINREP, 2 COREP templates, PRA109); consolidated remaining FINREP requirements into a single Rulebook chapter
Impact: The PRA is shifting toward higher-quality, reusable data. The reporting requirement structure has been simplified by removing overlapping requirements to improve clarity and efficiency. While these simplifications impact only the structure of reporting requirements, the expectations on firms remains.
Recommendation: Strengthen cross-functional ownership, governance and accountability of data reporting. Reframe regulatory reporting as template management to regulatory reporting as requirement ownership.
Transparent, Reusable Data for Modern Regulatory Reporting
The FBD program moves supervisory expectations from static, form‑driven data toward timely, consistent and reusable data. Recent progress in simplifying reporting requirements reinforces the need for firms to move beyond incremental fixes and legacy collection processes. The initiative focuses on minimizing data collection and maximizing reuse.
Financial institutions that invest in adaptable reporting architectures with greater transparency and reusability will be best positioned to navigate the ongoing, incremental changes in expectations with greater control and certainty.
Adaptable Regulatory Reporting by Design:
Advancing Confidently With the Pace of Regulation
Basel III reforms, the Integrated Reporting Framework (IReF) and similar multi-year modernization efforts worldwide are increasing standards for granular data, transparency and explainability.
The incremental workarounds performed in rigid reporting architectures aren’t sustainable—and the incurred operational inefficiencies and risks will accelerate an institution’s pathway to its architectural tipping point.
Discover how an adaptable, multi-layered approach preserves control—and strengthens scalability—while absorbing the volume and complexity of change in today's regulatory landscape.
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