| Link(s): | CP23/21: Consumer credit – Product Sales Data Reporting | FCA CP23/21: Consumer Credit – Product Sales Data Reporting (fca.org.uk) |
Context
This new FAC requirement will be relevant to any Insurance Intermediaries that provides its own lending facilities for premium finance purposes. The FCA is consulting on its proposals to introduce three new product sales data (PSD) returns for firms that are engaged in consumer credit lending. The returns will allow the FCA to collect further data about the consumer credit market from providers of consumer credit lending products.
Key points to note
The proposed PSD returns are intended to help the FCA to understand how firms operate, allowing it to gain further insight into the market in order to make quicker, bolder decisions. They will also help the FCA to:
The returns will include a number of data items: Core agreement data; Borrower and affordability data; Charges and fees; Repayment; and Other (including promotional rate, incentives, use of credit and default notices).
Next actions
Firms captured by these proposals should review the Consultation Paper and provide any feedback by 15th November 2023.