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    FCA and PRA Consult on Reporting Requirements for Mortgage Lenders

    December 13, 2018

    FCA and PRA proposed (in CP18/41) new reporting requirements that would apply to mortgage lenders and home finance administrators. FCA and PRA have identified a number of areas in which further data are needed from firms. CP18/41 seeks to address these gaps by setting out proposals to increase the data which mortgage lenders and administrators are required to submit via Product Sales Data (PSD) and Mortgage Lending and Administration Return (MLAR). Comments on this consultation are due by March 22, 2019.

    CP18/41 contains proposals made solely by FCA in relation to its objectives, in addition to the joint proposals that are given effect through a combination of PRA and FCA rules. The Authorities recognize that changes to reporting systems can be costly for firms and are making every effort to limit the frequency of changes to MLAR and PSD. Therefore, FCA and PRA are consulting on these proposals as a package. This consultation will be directly relevant to mortgage lenders, home finance administrators, and entities that own mortgage books but are not authorized to lend. This consultation will also be relevant to stakeholders with an interest in the mortgage and home finance market, including trade bodies representing home finance firms and charities and other organizations. FCA and PRA will consider comments received and publish its feedback, along with the rules, in mid-2019.

    These data support the FCA in meeting its operational objectives by allowing it to identify and address potential harm to consumers as part of ongoing firm supervision. They also support wider thematic work and competition studies; for example, the recently published Mortgage Market Study. FCA also shares these data with BoE and PRA. BoE and PRA use these data to monitor macro-prudential risk in the housing market, including informing the considerations of the Financial Policy Committee. PRA also uses these data to support firm supervision. 

     

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    Comment Due Date: March 22, 2019

    Keywords: Europe, UK, Banking, Reporting, Mortgage Lending, MLAR, CP18/41, PRA, FCA

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