INSIGHTS ¦ PS24/3 Consumer Credit – Product Sales Data Reporting

FCA

Summary
The policy statement PS24/3 outlines new regulations for consumer credit firms regarding Product Sales Data (PSD) reporting. These regulations are aimed at improving the supervision and monitoring of the consumer credit market by the Financial Conduct Authority (FCA), enhancing data collection, and thus preventing harm to consumers.
Key Points

The FCA is introducing three new PSD returns: Sales PSD, Performance PSD, and Back book PSD.
The new rules will affect firms engaged in consumer credit lending and those providing related advisory and software services.
These returns are designed to provide the FCA with detailed, granular data to better understand market operations and firm performance.
The feedback from the consultation has led to adjustments in the rules, particularly raising the threshold for firms required to report from £500K to £2M to reduce the burden on smaller firms.
An extended implementation period has been set to allow firms sufficient time to adapt to n...