Welcome to the UKGI weekly regulation update service for Aviva ABC brokers

Link(s):

PS24/3: Consumer Credit – Product Sales Data Reporting – Performance Data Flow Diagram (fca.org.uk) PS24/3: Consumer Credit – Product Sales Data Reporting – Sales Data Flow Diagram (fca.org.uk) PS24/3: Consumer Credit – Product Sales Data Reporting – Back-book Data Flow Diagram (fca.org.uk)

Context

The FCA has prepared a Performance data flow diagram, Sales data flow diagram and Back-book data flow diagram as aids to understand the rules set out in PS24/3. In September 2023 the FCA published Consultation Paper CP23/21 outlining plans for three new product sales data returns for lenders.  This is part of an overhaul of the current CCR returns reporting regime.

Key points to note and next actions

The FCA published the Policy Statement, PS24/3, at the end of April 2024 and details were included in the UKGI weekly Regulation update for the week ending 3^rd May 2024. These new returns relate to lenders only, and there is a reporting threshold for the returns.

To be captured by the new reporting requirements a lender has to have £2m in outstanding balances and/or £2m in new advances.