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FCA consults on proposed additional product sales data returns


The FCA is requesting feedback on the proposed inclusion of three new product sales data returns into Chapter 16 of its Supervision manual (SUP 16). The new returns would allow the FCA to collect more data about the consumer credit market from providers of consumer credit lending products.

The FCA says it wants to hear from:

•    Firms that engage in consumer credit lending
•    Firms advising, representing, or providing software to support regulatory reporting for the above.

Affected firms have until 15 November to feed back on the FCA’s proposals. Comments and feedback can be submitted using the regulator’s online response form, by email, or by writing to the FCA at: Consumer Finance Data Team, Financial Conduct Authority, 12 Endeavour Square, London E20 1JN.

Following the consultation, the FCA says, it will consider all feedback submitted and aims to respond in a final Policy Statement to be published during Q1 2024.

The FCA says the feedback will help it better understand how firms operate, allowing it to gain further insight into the market, so it can make quicker, firmer decisions, and:

·    Develop and deliver supervisory strategies across the consumer credit market
·    Shape its policy-making agenda and future rules to support its objectives
·    Get a clearer view of the market to inform authorisations and reviews of applications.