Britain's banking regulator has unveiled proposals to dramatically reduce industry regulation in an effort to enhance the sector's operational landscape.
Through new measures aimed at cutting bureaucratic burden, the PRA has pinpointed 37 "individual reporting templates" featuring "overlapping and complex requirements" to alleviate administrative expenses for companies, as reported by .
The regulator stated that eliminating these templates, alongside merging its reporting regulations into one unified PRA Rulebook chapter, would help simplify procedures.
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The cost reductions are anticipated to deliver annual savings of approximately £26m for banks.
These developments emerge as the Treasury intensifies pressure on 海角视频 regulators following Chancellor Rachel Reeves' criticism of financial services regulation as a "boot on the neck of businesses."
The PRA emphasised that modifications would not undermine its "primary objective" of maintaining firm safety and stability, whilst helping eliminate superfluous reporting expenses and complications to support economic expansion.
Banking levy concerns intensify
Although the sector has advocated for deregulation, these moderate savings arrive as banks prepare for potentially substantial tax increases in the Autumn Budget.
Financial institutions have been identified as prime candidates for revenue generation as Rachel Reeves seeks to address a fiscal deficit estimated to exceed £20bn.
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The Liberal Democrats endorsed think tank recommendations to impose additional charges on lenders during the weekend. The party's Treasury spokesperson, Daisy Cooper, has advocated for an annual £7bn increase on the sector, which she believes would enable small businesses and homeowners to "do the right thing" and invest in solar panels, heat pumps, and insulation.
However, this proposal is likely to meet resistance from the industry, which already contends with a disproportionately high tax rate compared to its international counterparts.
In London, the sector's total tax rate for 2024 was 45.8 per cent, significantly higher than European competitors such as Amsterdam (42 per cent), Frankfurt (38.6 per cent), and Dublin (28.8 per cent).