PS24/3: Consumer Credit – Product Sales Data Reporting

Read PS24/3[1]

Excel version of the data elements (xlsx)[2]

See PS24/3: Sales Data Flow Diagram (PDF)[3]

See PS24/3: Performance Data Flow Diagram (PDF)[4]

See PS24/3: Back-book Data Flow Diagram (PDF)[5]

Why we are changing

The new PSD returns will require firms to provide detailed information on the initial sale, and ongoing performance, of individual agreements. With this enhanced data, we will be able to:

• better understand how firms operate and gain more insight into the market
• authorise and supervise firms more effectively
• intervene more quickly and boldly where we have identified risk of harm in the consumer credit market
• reduce our reliance on ad hoc requests for more information from firms

These returns will play a fundamental role in our oversight of the Consumer Credit market allowing us to make better use of data to spot and stop harm faster.

It will also enable us to prioritise our work and focus our interventions where they are most needed and where they will have the biggest impact in protecting consumers.

Who this is for

• Firms engaged in consumer credit lending.
• Firms that advise, represent, or provide software to support compliance with regulatory reporting for any of the above firms.

Next steps

Firms affected by the changes need to ensure their reporting is in line with the changes set out in this policy statement. Firms will need to implement the changes within the timescales as set out in Appendix 1, Handbook Text and highlighted in Chapter 3, Thresholds section.

We will continue to engage with industry throughout the implementation period and provide additional supporting information where appropriate.

Background

We consulted on proposals in CP23/21[6] to collect more granular information about the sale and ongoing performance of consumer credit products.

We took over responsibility for consumer credit regulation from the Office of Fair Trading in 2014. Since then, we have required consumer credit firms to provide us with periodic regulatory returns on their regulated consumer credit activities.

From these returns we have mainly collected aggregated data for those activities. Where we have required further information, we have asked for ad hoc data from firms in separate information requests.

Following the consultation feedback we have created an Excel version of the data elements[2] found in the instrument and Handbook and added Data Flow diagrams to aid the review of the required data set out in PS24/3.