FCA finalises consumer credit sales data rules

The FCA has finalised its new rules that incorporated 3 new Product Sales Data returns into SUP. The enhanced requirements should help the FCA to get better market insights and to intervene more quickly if it sees risks of harm as well as reducing its reliance on ad hoc requests it currently sends to firms. The new returns relate to sales, performance and the back book.

Following feedback on its consultation, the FCA has made some changes to the rules, specifically in light of comments on thresholds for the reporting requirement (which it has raised from the consultation proposals), and the implementation period (which it has extended).

Emma Radmore