From July 2019, the majority of financial services organisations in the UK will be required to submit the new PRA110 regulatory return. Depending on the size of the organisation, this will either be on a weekly or monthly basis.
The form replaces FSA 47 & 48, which will be phased out in January 2020, and builds on the c.66 return, by adding significantly more granularity as well as complexity.
Whistlebrook is pleased to announce that the latest release of WIRES® (5.4) includes PRA110. For those customers running WIRES® Plus, PRA110 is being supplied with the required rules to ‘auto populate’ the form, thus making the process for generating the return significantly less onerous.
PRA110 has been issued by the regulator with very few summations in the form. Following consultation with our customers, and to avoid users having to manually create the calculations in WIRES®, we have, where possible, incorporated these into the system.
If you would like further information on PRA110 or WIRES® in general please contact us.