We consider that the aggregate regulatory reporting estate faced by our members needs significant overhaul, streamlining and deletions. We need bold action that focusses on decision-useful and purpose-based data collection. There should also be less reliance on s166s being used as a business-as-usual operating rhythm for regulatory supervision. These would go towards the 25% reduction in operational burden set by the government to UK regulators.

We supports the objectives, principles and overall direction set out in DP1/26 and provide our recommendations on the questions in the DP and other related aspects.