PRA’s amended filing deadline for annual reports, accounts and regulatory reporting

Annual reports and accounts

The PRA recognises that current Covid-19 related restrictions and the increase in new cases, may impact the time needed by firms and their auditors to complete the work necessary to finalise annual reports and accounts. In particular, the regulator appreciates that the requirement for the annual report to be audited may make timely submission challenging under the current circumstances.

Therefore, consistent with the measures announced by both the Financial Conduct Authority and the Financial Reporting Council, 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 31 July 2021.

The PRA is prepared to accept a similar delay for building societies but those firms may need to consider other statutory requirements that apply to them.

However, firms that are able to submit before the end of the delayed submission window are encouraged to do so.
While this additional delay is granted, the prudential regulator emphasises that it remains essential that firms keep their supervisory contact at the PRA informed of any significant developments in their financial circumstances.

Regulatory reporting

The PRA is aware 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 31 March 2021, and where the reporting is not time critical for supervisors.
Firms expecting to experience difficulty with timely submission should liaise with their supervisor.

References

• PRA statement