Status: Please note you should read all Brexit changes to the FCA Handbook and BTS alongside the main FCA transitional directions. Where these directions apply the 'standstill', firms have the choice between complying with the pre-IP completion day rules, or the post-IP completion day rules. To see a full list of Handbook modules affected, please see Annex B to the main FCA transitional directions.

SUP 16.11 1Product Sales Data Reporting

Application

SUP 16.11.1RRP

This section2 applies:

935510
  1. (1)

    in relation to sales data reports, to a firm:10

    10
    1. (a)

      which is a home finance provider; or

    2. (aa)

      14which is a P2P platform operator which facilitates entry into a regulated mortgage contract, home purchase plan, home reversion plan or regulated sale and rent back agreement where the lender or provider does not require permission to enter into the transaction; or

    3. (b)

      which has permission to enter into a regulated credit agreement as lender in respect of high-cost short-term credit or home credit loan agreements; or

    4. (c)

      which is, in respect of sales to a retail client or a consumer:

      1. (i)

        an insurer; or

      2. (ii)

        the manager of an authorised AIF or a UCITS scheme; or

      3. (iii)

        the operator of an investment trust savings scheme, or a personal pension scheme; or

      4. (iv)

        a person who issues or manages the relevant assets of the issuer of a structured capital-at-risk product;

      unless the firm is a managing agent;10

  2. (2)

    in relation to performance data reports15:

    14
    1. (a)

      to the firm (“A”) which entered into the regulated mortgage contract; or15

      14
    2. (b)

      where the right of the lender to receive payments under the regulated mortgage contract has passed to another person (“B”) by legal or equitable assignment or by operation of law:15

      14
      1. (i)

        where B is a firm with permission for administering a regulated mortgage contract, firm B (and it is immaterial for this purpose whether B makes arrangements for A or another person to administer the mortgage or to exercise the lender’s rights under it); or15

      2. (ii)

        where B is not a firm with permission for administering a regulated mortgage contract and B enters into an agreement with a firm (“C”) to administer the contract, firm C (it is immaterial for this purpose whether firm C is firm A, or whether firm C enters into an arrangement with another person to outsource or delegate the performance of some of those administration activities).15

    101041010
SUP 16.11.1AG

15Where a regulated mortgage contract has been sold or securitised, the firm responsible for the performance data report should be the ‘principal administrator’ submitting the MLAR (see section G of SUP 16 Annex 19AR and the guidance notes on section G in SUP 16 Annex 19BG).

Purpose

SUP 16.11.2GRP
  1. (1)

    The purpose of this section2 is to set out the requirements for firms in the retail mortgage, investment, consumer credit lending8 and pure protection contract markets specified in SUP 16.11.1 R to report individual product sales data, and to report individual performance data on regulated mortgage contracts,7 to the FCA16. In the case of firms in the sale and rent back market, there is a requirement to record, but not to submit, sales data13. These requirements apply6 whether the regulated activity has been carried out by the firm, or through an intermediary which has dealt directly with the firm.

    2167766
  2. (2)

    The purpose of collecting this data is to assist the FCA16 in the ongoing supervision of firms engaged in retail activities and to enable the FCA16 to gain a wider understanding of market trends in the interests of protecting consumers.

    1616
  3. (3)

    Certain of the information is required under PRA rules: see SUP 16.11.7R(2) to (5). This information is collected by the FCA for the PRA, but the PRA allows the FCA to retain the information for the FCA’s purposes.15

Reporting requirement

SUP 16.11.3RRP
  1. (1)

    A firm must submit a report (a 'data report') containing the information required by:7

    7
    1. (a)

      SUP 16.11.5 R (a 'sales data report') within 20 business days of the end of the reporting period; and

      7
    2. (b)

      for regulated mortgage contracts, SUP 16.11.5A R (a 'performance data report'), within 30 business days of the end of the reporting period;

      7

    unless 11(3A) or (4) applies.7

  2. (2)

    The reporting periods are;7

    7
    1. (a)

      7for sales data reports, the four calendar quarters of each year beginning on 1 January; and

    2. (b)

      7for performance data reports, the six month periods beginning on 1 January and 1 July in each calendar year.

  3. (3)

    [deleted]11

    11
  4. (3A)

    A firm must submit a nil return if no relevant sales have occurred in the quarter.11

  5. (3B)

    A firm must submit a nil return in respect of performance data reports if it does not own any rights of a lender under a regulated mortgage contract, and only carries on the regulated activity of administering a regulated mortgage contract for firms which are themselves obliged to submit performance data reports under SUP 16.11.1R(2).15

  6. (4)

    The following types of firm14 must compile, and keep for at least five years from the end of the relevant quarter, a data report containing the information required by SUP 16.11.5 R, but are14 not subject to the requirement in (1) to submit a data report (or to the requirement in SUP 16.11.9 R:14

    6
    1. (a)

      14a SRB agreement provider; and

    2. (b)

      14a P2P platform operator which facilitates entry into a regulated sale and rent back agreement where the provider does not require permission to enter into the transaction.

SUP 16.11.4GRP
  1. (1)

    A firm may submit a sales 7data report more frequently than required by SUP 16.11.3 R 7if it wishes.

    7
  2. (2)

    If it is easier and more practical for a firm to submit additional data relating to products other than those specified in SUP 16.11.5 R, it may submit that additional data to the FCA16 in a data report.

    16

Content of the report

SUP 16.11.5RRP

A sales7 data report must contain sales data in respect of the following products:

7
  1. (1)

    retail investments;

  2. (2)

    pure protection contracts;

    3
  3. (3)

    regulated mortgage contracts (including15 further advances (see SUP 16.11.7R(3)) and internal product transfers and internal remortgages, irrespective of whether there is a new mortgage contract15);3

  4. (4)

    home purchase plans;3

    6
  5. (5)

    home reversion plans; 63

    8
  6. (6)

    6regulated sale and rent back agreements;8

    8
  7. (7)

    high-cost short-term credit13; and

    8
  8. (8)

    home credit loan agreements.8

SUP 16.11.5ARRP

7A performance data report must contain performance data in respect of regulated mortgage contracts other than legacy CCA mortgage contracts12.

SUP 16.11.6G

Guidance on the type of products covered by SUP 16.11.5 R is contained in SUP 16 Annex 20G.

SUP 16.11.7RRP
77
  1. (1)

    A data report must comply with the provisions of SUP 16 Annex 21R.15

  2. (2)

    But (3) to (5) apply where a firm which is required to submit a sales data report under SUP 16.11.3R(1)(a) is a PRA-authorised person which is also required to submit information to the FCA under chapter 23 (regulatory mortgage contract reporting) of the PRA’s Regulatory Reporting rules.15

  3. (3)

    Where the sales data report relates to a further advance, SUP 16.11.3R(1)(a) and SUP 16 Annex 21R apply to the firm only in relation to the format in which the data elements in the report are to be submitted to the FCA.15

  4. (4)

    Where the sales data report does not relate to a further advance, SUP 16.11.3R(1)(a) and SUP 16 Annex 21R apply to the firm in respect of the data elements listed in (5) only in relation to the format in which the data elements are to be submitted to the FCA.15

  5. (5)

    The data elements are:15

    1. (a)

      the total amount owed by the borrower to the firm and secured on the property immediately prior to the new borrowing; 15

    2. (b)

      for a second charge regulated mortgage contract, the total amount owed by the borrower to third parties secured on the property; 15

    3. (c)

      rate to which stress test applied; and15

    4. (d)

      contractual reversion rate.15

SUP 16.11.8RRP

A sales7 data report must relate both to transactions undertaken by the firm and to transactions undertaken by an intermediary which has dealt directly with the customer on the firm's behalf.2

7
SUP 16.11.8-AR

14Where a P2P platform operator facilitates an arrangement under which a number of persons provide home finance to a single customer, either individually under separate contracts, or jointly and severally under a single contract:

  1. (1)

    the sales data report and performance data report of the P2P platform operator must include data in respect of the arrangement taken as a whole, as though it comprised a single transaction; and

  2. (2)

    the sales data report and performance data report of any firm which is the lender or provider under any separate contract forming part of the arrangement must include data in respect of that contract.

SUP 16.11.8AGRP

2Where the manager of an authorised AIF or a UCITS scheme9 receives business from a firm which operates a nominee account, the sales 7data report in respect of those transactions submitted by the manager9 should treat those transactions as transactions undertaken by the manager9 with the firm.

999
SUP 16.11.9RRP

A firm must provide a 7data report to the FCA16 electronically in a standard format provided by the FCA16.

71616
SUP 16.11.10GRP

A data report will have been provided to the FCA16 in accordance with SUP 16.11.9 R only if all mandatory data reporting fields (as set out in SUP 16 Annex 21R) have been completed correctly and the report has been accepted by the relevant FCA16 reporting system.

1616

Use of reporting agents

SUP 16.11.11RRP
  1. (1)

    A firm may appoint another person to provide a 7data report on the firm's behalf if the firm has informed the FCA16 of that appointment in writing.

    716
  2. (2)

    Where (1) applies, the firm must ensure that the data report complies with the requirements of SUP 16.11 and identifies the originator of the transaction.