ABOUT: New Regulatory Reporting Requirements for Consumer Credit Introduced in 2023
LINK: https://www.fca.org.uk/publication/consultation/cp23-21.pdf
Summary
The Consumer Credit (Regulatory Reporting) Instrument 2023 introduces comprehensive amendments to the Financial Conduct Authority's (FCA) Supervision manual. It mandates firms engaged in consumer credit lending to report detailed product sales, performance, and backbook data. These changes, effective from January 1, 2025, aim to enhance transparency and regulatory oversight in the consumer credit sector.
Key Points and Ideas
The instrument is enacted under the Financial Services and Markets Act 2000, leveraging sections 137A, 137T, and 139A.
The amendments impact various sections of the FCA's Supervision manual (SUP), excluding sections 16.13, 16.15, 16.22, and 16.26.
Firms must adhere to specific reporting requirements for product sales, performance, and backbook data.
The reporting obligations apply to firms with permission for...
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