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SUP 16.21 1Reporting under the MCD Order for CBTL firms

Application

SUP 16.21.1D

This section applies to a CBTL firm that enters into or promises to enter into a CBTL credit agreement as lender, or a CBTL firm in which the rights and obligations of the lender under a CBTL credit agreement are vested.

Purpose

SUP 16.21.2G

The purpose of this section is to direct CBTL firms in relation to:

  1. the information that they must provide to the FCA on their CBTL business and their compliance with requirements imposed by Schedule 2 to the MCD Order; and

  2. the time at which, and the manner and form in which, they must provide that information.

[Note: article 18(1)(c) of the MCD Order]

SUP 16.21.3G

The purpose of this section is also to make provision for CBTL firms in relation to the failure to submit reports.

Reporting requirement

SUP 16.21.4D
  1. (1)

    A CBTL firm must submit a duly completed consumer buy-to-let return to the FCA.

  2. (2)

    The return referred to in (1) must be submitted:

    1. (a)

      in the format set out in SUP 16 Annex 39AD; guidance notes for the completion of the return are set out in SUP 16 Annex 39BG;

    2. (b)

      online through the appropriate systems accessible from the FCA’s website; and

    3. (c)

      within 30 business days following the end of the reporting period.

  3. (3)

    The reporting period is the four calendar quarters beginning on 1 April.

SUP 16.21.5D

SUP 16.3.11R (Complete reporting) and SUP 16.3.13R (Timely reporting) apply as directions to a CBTL firm in relation to CBTL business as if a reference to firm in these provisions were a reference to a CBTL firm.

SUP 16.21.6R

SUP 16.3.14R (Failure to submit reports) applies to a CBTL firm in relation to CBTL business as if a reference to firm in that rule were a reference to a CBTL firm.

SUP 16.21.7D
  1. (1)

    A CBTL firm may appoint another person to provide a report on the CBTL firm’s behalf if the CBTL firm has informed the FCA of that appointment in writing.

  2. (2)

    Where (1) applies, the CBTL firm must ensure that the report complies with the requirements of SUP 16.21.