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SUP 16.11 1Product Sales Data Reporting

Application

SUP 16.11.1R

This section2 applies:

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  1. (1)

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

    10
    1. (a)

      which is a home finance provider; or

    2. (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

    3. (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 reports, to a firm in which the rights and obligations of the lender under a regulated mortgage contract are vested.10

    1041010

Purpose

SUP 16.11.2G
  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 FCA13. In the case of firms in the sale and rent back market, there is a requirement to record, but not to submit, sales7data.6 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.

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  2. (2)

    The purpose of collecting this data is to assist the FCA13 in the ongoing supervision of firms engaged in retail activities and to enable the FCA13 to gain a wider understanding of market trends in the interests of protecting consumers.

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Reporting requirement

SUP 16.11.3R
  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. (4)

    6A SRB agreement provider 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 is not subject to the requirement in (1) to submit a data report (or to the requirement in SUP 16.11.9 R).

SUP 16.11.4G
  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 FCA13 in a data report.

    13

Content of the report

SUP 16.11.5R

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 (but not further advances);3

  4. (4)

    home purchase plans;3

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  5. (5)

    home reversion plans; 63

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  6. (6)

    6regulated sale and rent back agreements;8

    8
  7. (7)

    High-cost short-term credit; and8

  8. (8)

    home credit loan agreements.8

SUP 16.11.5AR

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 16.11.7R

A7 data report must comply with the provisions of SUP 16 Annex 21R.

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SUP 16.11.8R

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 16.11.8AG

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.

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SUP 16.11.9R

A firm must provide a 7data report to the FCA13 electronically in a standard format provided by the FCA13.

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SUP 16.11.10G

A data report will have been provided to the FCA13 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 FCA13 reporting system.

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Use of reporting agents

SUP 16.11.11R
  1. (1)

    A firm may appoint another person to provide a 7data report on the firm's behalf if the firm has informed the FCA13 of that appointment in writing.

    713
  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.