The BSA has responded to DP1/26 Future Banking Data. 

The current approach to regulatory reporting is broken.

We are calling for both regulators to be bold and ambitious. Its time to move away from the template-style returns and implement a system of granular reporting, where firms report 'once and well' transaction level data, into a system where firms and regulators can view the same information, including peer averages and industry trends.

This will be a significant multi-year project that must be implemented carefully to ensure that the UK has a world-leading approach that supports competitiveness and growth.