Open to Feedback: FCA Seeks Input on New Consumer Credit Data Reporting

Open to Feedback

The FCA published Consultation Paper CP23/21: Consumer Credit- Product Sales Data Reporting on  27th of September 2023.

Through this FCA is currently seeking feedback on its proposal to introduce three new product sales data (PSD) returns into its Supervision Manual (SUP 16). The returns will help the FCA to gather further data about the consumer credit market from firms that provide consumer credit lending products.

How Will the FCA Use This Data?

The data will assist the FCA in understanding how firms operate, enabling the FCA to make quicker and bolder decisions on how it supervises these firms. The returns will also allow the FCA to (2.13 of CP23/21):

  • Develop and provide supervisory strategies across the consumer credit market.
  • Shape the development of its policy-making agenda and the delivery of rules.
  • Produce market insights to understand key harms, commence analysis to prioritise harms and direct thematic work.

Costs to Firms

The FCA acknowledges that there will be costs to firms in collecting and reporting the data to them, however the FCA’s objective is to reduce the burden and costs by ensuring a balance. This is through added benefits such as RegData, enabling firms to submit data in a single way instead of by ad hoc requests (2.16 of CP23/21).

How to Submit Feedback?

Submit feedback by using the online response form available on the FCA website or the address on page 2 of the Consultation Paper.

Deadline for feedback

The deadline for feedback is 15th of November 2023. After the deadline, the FCA will consider feedback and aim to publish a final Policy Statement which will include their response to feedback in Q1/2024.

How Complyport Can Help?

Our Authorisation team can also help if your firm would like to become authorised to provide consumer credit services.

Our fully project-managed authorisation service includes:

Pre-Application Consultancy

  • Our team works with you to understand your goals and activities.
  • We listen to your ideas for the future and ensure the correct regulatory permissions are applied for.
  • We identify and resolve potentially contentious issues before submission.

Construction of the FCA Application Pack

  • We provide support with drafting or reviewing your regulatory business plan and provide assistance with the preparation of relevant forms.
  • We lend our expertise in supporting the creation of financial projections and key assumptions including our templates.
  • Take advantage of our Template Compliance Monitoring Programme appropriately tailored to your business in the submission of your film’s application to the FCA.

Post Submission Queries

  • We will assist with post-submission issues or queries raised by the FCA.
  • We will advise on the best approach to take when dealing with the FCA.

Provision of Appropriate Compliance Documentation

  • We provide compliance documentation after your application is submitted to the FCA in order to ensure you are ready to meet your regulatory and compliance obligations.
  • The documentation includes compliance manuals, a tailored Compliance Monitoring Programme, registers and policies.

Ongoing Support

Many of the firms we help to get authorised go on to take up our ongoing support services to ensure they continue to meet their regulatory requirements, for more information please click here.

Interested in seeing how we can help you in seeking Authorisation?

Contact Thomas Salmon via thomas.salmon@complyport.co.uk to book a free consultation.

About Complyport

Complyport is a market-leading consulting firm supporting the UK financial services industry for over 20 years. We specialise in providing Governance, Risk and Compliance services to support the regulated financial services industry to raise standards and thrive.

Complyport can assist with the preparation of a GAP analysis and impact assessment on the investment firm’s capital adequacy and risk management framework of the Company under the regulatory framework.

We specialise in supporting the UK financial services industry with compliance guidance, advice and best practice.

  • Financial Promotions guidance, support, and management software solutions
  • Consumer Duty implementation advice
  • Financial Crime support and Forensics
  • Prudential support, IFPR, ICARA and financial resilience advice
  • Operational resilience & Cybersecurity advice
  • CASS advice and protections of client assets
  • Comprehensive compliance work-flow management software
  • Compliance managed services and resourcing compliance personnel
  • Skilled Person Reviews and Regulatory Investigation

Contact Thomas Salmon in our Regulatory Solutions team via email at: thomas.salmon@complyport.co.uk to book a free consultation.

 

Facebook
Twitter
LinkedIn
COntact us for assistance

Please fill our free consultation form and a member of our team will get in contact with you.