Wolters Kluwer Financial Services has urged the UK banking industry to engage with the EBA on the refinement of COREP - the Capital Requirements Directive (CRD) reporting standard - to avoid extraneous burdens and costs.
The directive, which will impact all UK banks, building societies and investment (BIPRU) firms from 31 December 2012, is designed to create a common reporting framework across Europe and is set to significantly alter UK firms’ current reporting processes.
Speaking at a recent breakfast briefing, Faridah Pullara, manager, reporting policy at the FSA and representatives from Wolters Kluwer Financial Services’ FRSGlobal, including Selwyn Blair-Ford, global head of regulatory policy, Mark Piper, VP UK, Ireland and the Middle East, and Graham Southall, application development director - warned senior industry figures that the impact of this regulation, which could also potentially include additional and extensive financial reporting (FINREP) and prudential ad hoc reporting requirements that could emanate from the regulatory change, needs to be addressed sooner rather than later.
Pullara commented: “The balance of power has shifted from the FSA to the EBA in terms of the COREP directive. This will mean that the FSA will be just one voice of 27 member state regulatory authorities. Consequently UK firms will need to engage heavily to identify cost burdens and quantify the regulation’s potential impact. Firms should take the opportunity to reply to the EBA directly or via trade bodies during the consultation period for COREP in December 2011.”
Blair-Ford said: “Clearly COREP is set to have a seismic effect on the way that the UK banking industry will need to report its findings. There will be much more data to collect which will need to be properly identified and with the correct granularity and accuracy. Consequently staffing and systems provisions will all need to be prepared as well as a new calendar driven quarterly approach to reporting findings taken into account. With all this, combined with the need to try and extract some business benefits from the changes, there is a lot to think about for firms and not a lot of time to consider it.”
“Firms need to start seriously planning how they intend to comply. Project planning should have already begun to ensure that they are able to meet the requirements effectively," he added.
Latest News
Creating value together: Strategic partnerships in the age of GCCs
As Global Capability Centres reshape the financial services landscape, one question stands out: how do leading banks balance in-house innovation with strategic partnerships to drive real transformation?
Data trust in the AI era: Building customer confidence through responsible banking
In the second episode of FStech’s three-part video podcast series sponsored by HCLTech, Sudip Lahiri, Executive Vice President & Head of Financial Services for Europe & UKI at HCLTech examines the critical relationship between data trust, transparency, and responsible AI implementation in financial services.
Banking's GenAI evolution: Beyond the hype, building the future
In the first episode of a three-part video podcast series sponsored by HCLTech, Sudip Lahiri, Executive Vice President & Head of Financial Services for Europe & UKI at HCLTech explores how financial institutions can navigate the transformative potential of Generative AI while building lasting foundations for innovation.
Beyond compliance: Building unshakeable operational resilience in financial services
In today's rapidly evolving financial landscape, operational resilience has become a critical focus for institutions worldwide. As regulatory requirements grow more complex and cyber threats, particularly ransomware, become increasingly sophisticated, financial services providers must adapt and strengthen their defences. The intersection of compliance, technology, and security presents both challenges and opportunities.
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories