On 1 January 2015, the FCA is introducing new rules on mortgage data reporting. The new rules include changes to Product Sales Data (PSD) for mortgages.
The FCA has now published frequently asked questions (FAQs) that are designed to answer some common questions on the new PSD requirements. The FAQs are set out under the following headings:
- sales data; and
- performance data.
The general section covers a number of issues including which mortgages should be reported in the new PSD returns. The FCA states that the new rules require the new PSD sales data to be reported for all new sales of regulated mortgage contracts that complete on or after 1 January 2015. The new PSD performance data must be reported for all live regulated mortgage contracts, including those opened before 1 January 2015 (i.e. from 31 October 2004 to 31 December 2014).
View New Mortgage Product Sales Data Requirements FAQs, 28 March 2014