| Link(s): | Consumer credit income – what to report | FCA CCR007 consumer credit data: how to complete the return | FCA |
Context
The FCA recently proposed changes to the calculation of proxy income for Consumer Credit firms that receive no commission, advising firms to use the proposed calculation immediately. The proposed proxy measure, which removes the Bank of England Base Rate from the calculation, has now been confirmed. The FCA’s associated webpages have been updated accordingly.
Key points to note and next actions
For Consumer Credit firms that receive no commission, fees or interest in relation to regulated credit agreements, the proxy measure to be used for the CCR002 and CCR007 returns is now confirmed as:
- 5% x value of credit agreement