FCA introduce three new Product Sales Data reports on consumer credit

Written by John Bridgman.

The Financial Conduct Authority (FCA) has expanded its reporting requirements to include a broader range of consumer credit firms within Product Sales Data (PSD) reporting. Impacted firms are required to provide data on lending decisions and account performance. This data will provide the FCA with a unique insight into lenders and the overall market.

Who will this impact?

Lenders who have £2m+ in consumer credit outstanding balances or new advances will be required to provide a one-off submission of back book data and ongoing quarterly sales and performance data.

This data will replace ad hoc requests and provide the FCA insight on lending decisions including affordability, charges, fees and forbearance.

What lenders need to do…

Lenders will need to ensure their data is accurately mapped to the requirements which will involve a process of data engineering.

Data quality monitoring and dashboards should be in place to ensure the integrity of the data is maintained.

This data will provide the FCA with insight on the portfolio and customer decisions. Lenders will need reporting to understand how their portfolio and lending decisions will appear to the regulator.

Need more guidance?

Get in touch if you need support with meeting these new requirements – info@4-most.co.uk.

Further reading:

• PS24/3: Consumer Credit – Product Sales Data Reporting