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Consumer Credit – Product Sales Data Reporting Consultation Paper

The FCA have launched a consultation on Product Sales Data Reporting. The consultation seeks views on the proposals to introduce three new product sales data (PSD) returns: sales PSD, performance PSD, and back book PSD. The consultation closes on 15 November 2023.

Lenders will be required to submit sales and performance data on a quarterly basis and back book data as a one-off submission. The thresholds for the reporting requirements are:

  • All lending firms which reported more than £500k in outstanding balances for relevant regulated consumer credit agreements at the end of the previous annual reporting period.
  • And/or more than £500k in new advances for relevant regulated consumer credit agreements.

The BRC is not looking to respond to this consultation, but please get in contact if there are feedback points you want to raise anonymously.

Finalisation of the new EU Consumer Credit Directive

The revised EU Consumer Credit Directive (CCD II) was adopted by the Council of Ministers on 9 October. The law is expected to come into force later this autumn.

The new legislation aims to enhance protection for consumers applying for credit. This includes enlarging the scope of the directive to include buy-now-pay-later products.

For more information, read the full press issued by Council of the EU here.

If you would like to discuss either of these, please contact either Hannah Regan or Lucy Whing.