Context
The FCA has published an infographic (an extract from the Consultation Paper CP24.19) to demonstrate which current elements of the existing consumer credit returns (CCRs) will be partially or completely replaced for differing groups of activities / Permissions. It has also updated its consumer credit reporting web page to reflect the current position of the Consultation.
Key points to note and next actions
For threshold and fees data purposes, the existing returns will not be switched off and replaced entirely until the completion of all stages of the FCA’s work to improve consumer credit reporting. The duplication or overlap between the returns is created as a result of moving away from the existing form structure to an activity specific return structure as well as reviewing the range of activities in two separate returns. This is an interim proposal and will be removed when the remaining credit related activities are reviewed as shown in the infographic published.