SUP 16.11 1Product Sales Data Reporting
Application
This section2 applies to a firm9 which is a home finance provider3 or which is,9 in respect of sales to a retail client5 or a consumer5:
9355- (1)
an insurer; or
- (1A)
the manager of an authorised AIF or a UCITS scheme; or9
- (2)
the operator of an investment trust savings scheme , or a personal pension scheme 4; or
94 - (3)
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.
Purpose
- (1)
The purpose of this section2 is to set out the requirements for firms in the retail mortgage, investment, and pure protection contract markets specified in SUP 16.11.1 R to report individual product sales data 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, thedata.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.
2166 - (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
Reporting requirement
- (1)
A firm must submit a report (the
'data report') containing the information required by SUP 16.11.5 R quarterly, within 20 business days of the end of the quarter, unless (3) or (4)6 applies.
- (2)
The reporting periods are the four calendar quarters of each year beginning on 1 January.
- (3)
A firm need not submit a data report if no relevant sales have occurred in the quarter.
- (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).
Content of the report
The data report must contain sales data in respect of the following products:
- (1)
- (2) 3
- (3)
regulated mortgage contracts (but not further advances);3
- (4) 6
- (5)
- (6)
Guidance on the type of products covered by SUP 16.11.5 R is contained in SUP 16 Annex 20G.
The data report must comply with the provisions of SUP 16 Annex 21R.
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.
1616Use of reporting agents
- (1)
A firm may appoint another person to provide the data report on the firm's behalf if the firm has informed the FCA16 of that appointment in writing.
16 - (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.