The PRA is aware of an issue related to the Remuneration Benchmarking and Remuneration High Earners reporting templates.
As part of the European Banking Authority’s (EBA) Taxonomy 2.10, the Remuneration module became reportable for the first time in XBRL format, effective from Thursday 31 December 2020. The XBRL reportable templates for Remuneration Benchmarking and High Earners were designated COR014 and COR015 respectively, to replace REP004 and REP005 XML reporting templates for PRA-authorised firms in scope.
The PRA became aware of issues with the EBA’s XBRL Remuneration reporting templates, for which the EBA released a patch on Thursday 18 March 2021 to address this issue. The PRA and Financial Conduct Authority (FCA) have worked together to assess the amount of change required in the GABRIEL / RegData systems, and the impact that implementing the proposed patch would have on firms.
The PRA and FCA have decided not to implement it at this time in order to minimise the burden placed on firms. Instead, it has been decided that the best course of action is to revert back to the XML-based REP004 and REP005 reporting templates for submission of 2020 data via GABRIEL / RegData. Firms migrated onto the RegData platform should submit their Remuneration data via RegData.
Firms will be notified as soon as the reporting schedules on GABRIEL / RegData have been amended to reflect this reversion. It is recognised that, for firms with a 31 December year-end, they will be unable to meet the submission deadlines specified in rules 17.4 and 18.3 of the Remuneration Part of the PRA Rulebook. As a result, the PRA expects such firms to submit REP004 and REP005 reporting templates for 2020 data by Tuesday 1 June 2021.
The PRA expects that firms with a non-31 December year-end should be able to comply with the submission date. However, if firms foresee a problem with meeting their usual submission date due to the issues outlined above, they should contact their usual supervisor.
The PRA will provide further detail on its expectations with regards to reporting of remuneration data for 2021 and beyond in due course.
If firms have any questions regarding this statement, they should contact: RegulatoryDataQueries@bankofengland.co.uk.