The FCA has published Policy Statement 13/12: Mortgage Market Review: data reporting (PS13/12). PS13/12 is the final publication in a series of Mortgage Market Review (MMR) policy documents. The MMR introduces a package of reforms for the mortgage market, with a focus on responsible lending. Most of the reforms will take effect from 26 April 2014.
The FCA already collects some data from firms about mortgages. However, in a consultation earlier this year the FCA consulted on proposals on additional data about mortgages that it wanted to collect in order to help it:
- monitor and supervise conduct in the mortgage market following the introduction of the MMR; and
- monitor compliance with the new prudential requirements for non-deposit taking mortgage lenders (non-banks).
In PS13/12, the FCA is now publishing its final rules on data collection which will come into effect on 1 January 2015. The FCA believes that this gives firms a year to make changes to systems and processes. If a firm is affected by the changes, it needs to start planning now.
The FCA states that early next year it will publish updated technical information to assist firms submitting data to it, including an updated data reference guide for sales data and a new data reference guide for performance data. The FCA is not changing how firms can submit data to it. This will continue through the GABRIEL reporting system, whether via automated methods or manual input.
View PS13/12: Mortgage Market Review: data reporting, 16 December 2013
