The Prudential Regulation Authority and the Financial Conduct Authority have published a consultation paper with proposals for new reporting requirements for mortgage lenders and home finance administrators.
The FCA and PRA have identified a number of areas where they believe further data are needed from firms. This consultation seeks to plug those 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).
The consultation contains a package of proposals from the FCA and PRA, which would come into effect through a combination of PRA and FCA rules – hence the combined approach. The data the regulators seek is expected to help them identify and address potential harm to consumers as part of ongoing firm supervision.
They also support wider work, including the Mortgage Market Study.
A conference call can be arranged if members would prefer to input by phone.