Emma RadmoreThe FCA is consulting on the creation of an annual retail banking business model return. It has previously collected relevant data on an ad hoc basis, which it feels is both burdensome for firms and doesn’t give it an up-to-date understanding of the market. It needs the data better to understand how business models are evolving.
The FCA plans to collect product and sub-product level financial and volumetric information on the following as well as whole bank reconciliation data:
- residential mortgages
- personal banking
- personal lending
- small business banking and lending
- other business banking and lending
- wholesale funding
It proposes that all banks and building societies that offer retail banking services and have more than 200,000 UK customer relationships and revenue of £5m in the relevant periods. It thinks 33 institutions will be caught by this threshold.
Consultation closes on 4 March.