PS25/3 is more than an update. It’s a call to action.
The FCA is overhauling how it collects data from consumer credit firms with this latest change. Published on 7 May 2025, the FCA’s Policy Statement PS25/3 follows CP24/19 and marks the end of the one-size-fits-all approach.
Replacing the existing reporting structure with a more focused approach presents a challenge to firms that will need to manage their logistical and operational burden in order to identify, collate and report on granular information.
The FCA’s goal is to improve the quality of the data it receives, making it easier to identify where the risks lie. Alongside Product Sales Data and insights from the Financial Lives Survey, this change will enable a more proactive form of supervision, especially in areas with greater potential for consumer harm.
Who is affected?
These new rules in the policy statement will interest firms who are:
- engaged in credit broking;
- engaged in debt adjusting;
- engaged in debt counselling;
- engaged in providing credit information services;
- that advise, represent or provide software to support compliance with regulatory;
- reporting for any of the above firms.
What are the changes?
Firms should expect a new, streamlined reporting framework that features tailored questions based on the specific business models of firms. In practice, this means the existing returns are being replaced, new data sets will ask for more detailed and business specific information, firms should expect greater scrutiny on business models that touch higher risk areas, and deadlines and frequencies for reporting changing for some.
The FCA is raising the bar, by requesting more actionable information from firms. Demanding more from internal systems, compliance teams, and senior management. This is about aligning data with the FCA’s expectations of fair value and good outcomes for customers under the Consumer Duty.
What do firms need to do to get ahead?
- Firms must determine their reporting responsibilities and map activities and product types against the FCA’s new categories.
- Firms must review MI and data collection capabilities to ensure they are capturing what the FCA now require, going beyond what’s in current reports.
- Leadership buy-in is needed to understand this shift and ensure appropriate action is taken as it’s a governance issue as much as it is a data one.
How Thistle Initiatives can help
With a track record of helping firms adapt to evolving regulation, Thistle provides the tools, insight, and clarity needed to move forward with confidence. We support firms with:
- Interpreting the new return requirements.
- Identifying data and system gaps.
- Ongoing regulatory change support.
- Building sustainable compliance frameworks ahead of implementation.
Get in touch with us by calling 020 7436 0630 or sending an email to info@thistleinitiatives.co.uk
Meet the expert
Hameedat Brown, Consultant 
Hameedat holds a Bachelor's degree in Commercial Law and a Master's degree in Law. With a strong background in compliance, she joined Thistle Initiatives in 2024 to embrace new challenges in regulatory financial compliance consulting.
She applies her legal expertise and practical experience to help clients navigate complex regulatory landscapes and meet industry standards. Hameedat is passionate about continuous learning and client success, she provides tailored compliance solutions and fostering strong client relationships.