On 29 April 2024, the Financial Conduct Authority (FCA) published Policy Statement PS24/3 on Consumer Credit: Product Sales Data Reporting, in which it sets out its final rules and guidance for incorporating three new Product Sales Data (PSD) returns into Chapter 16 of its Supervision manual (SUP 16).

The FCA proposed, in Consultation Paper CP23/31, to introduce these three new PSD returns into SUP 16, to allow it to collect more detailed data about the consumer credit market from providers of consumer credit products, including information on the initial sale and ongoing performance of individual agreements. The FCA states that with this additional data, it will be able to supervise firms and monitor markets more effectively, enabling it to identify and prevent significant harm in the consumer credit market.

PS24/3 summarises the feedback the FCA received on its proposals and its response, as well as setting out the final rules and guidance for incorporating the three new PSD returns into SUP 16. It is intended to be read by firms engaged in consumer credit lending, and firms that advise, represent, or provide software to support compliance with regulatory reporting for any of those firms.

Next steps

Where a firm is affected by these changes, the FCA flags that it will need to ensure its reporting is in line with the changes set out in PS24/3. Firms must implement the changes within the timescales set out in Appendix 1 (Handbook Text) and highlighted in Chapter 3 (Thresholds section).

The FCA plans to continue engaging with industry throughout the implementation period and to provide additional supporting information where appropriate. It will also be proposing changes to the activity-based regulatory returns, looking at these activities in a phased approach, and it anticipates further consultations on the data it collects on the consumer credit market over the next two years.