HBOS licenses FRS regulatory reporting software

HBOS licenses FRS regulatory reporting software

UK banking group HBOS is implementing FRS' FinancialAnalytics software to comply with the Bank of England's regulatory reporting requirements.

The bank will use the FRS system to automate regulatory reporting of profit and loss (PL) and effective rates (ER) reports to the Bank of England.

S1 subsidiary FRS says the software will help to ensure the accuracy and integrity of the bank's financial reports, while increasing the overall efficiency of reporting.

Chris Armstrong, head of group finance systems, HBOS, comments: "After looking at all our options, FRS was clearly the best solution for HBOS to meet the Bank of England PL and ER reporting requirements. We believe that FinancialAnalytics will provide significant benefits to our organisation now and in the future."

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