On 27 September 2023, the FCA published Consultation Paper 23/21: Consumer Credit – Product sales data reporting (CP23/21).
In CP23/21, the FCA is seeking views on its proposal to introduce three new product sales data (PSD) returns into Chapter 16 of the Supervision manual (SUP 16). These returns will allow the FCA to collect further data about the consumer credit market from providers of consumer credit lending products.
The proposed PSD returns are intended to help the FCA understand how firms operate, allowing it to gain further insight into the market so that the FCA can make quicker, bolder decisions. They will also help the FCA to:
- Develop and deliver supervisory strategies across the consumer credit market.
- Shape the development of its policy-making agenda and the delivery of rules in support of its objectives.
- Provide a clearer view of the market to inform Authorisations and the review of applications.
The FCA notes that its aim is to ensure a balance between getting enough data to help it monitor the market effectively, while not placing an unreasonable burden on firms.
The deadline for feedback to CP23/21 is 15 November 2023. Following the consultation, the FCA will consider feedback and aims to publish a final Policy Statement, including its response to the feedback, in Q1 2024.