Earlier this year, the Financial Conduct Authority (FCA) introduced a new reporting requirement for consumer credit firms, relating to reporting from 1 January to 31 December 2025.
The changes impact those with permissions for:
The reporting window for 1 January to 31 December 2025 will open in late February 2026 and once it opens, firms will have 40 business days to submit their data covering 1 January to 31 December 2025.
The FCA has provided Data Flow Diagrams to support firms with understanding what they need to provide, the BVRLA recommends that firms consider this well in advance of the reporting window opening to ensure that this is data that is available and accessible within their business: CCR009 return – relevant ancillary credit firm | FCA
The FCA has recently published items which will help to further streamline and reduce complexity for firms and support growth, following the introduction of the Consumer Duty.
The following items are particularly useful for BVRLA members:
- CP25/37: Targeted changes to the Handbook - various changes to cut unnecessary requirements and rules for firms. This includes plans to better support smaller financial firms by creating sector guides to help them apply outcomes-based regulation, starting with consumer credit firms next year.
- Statement on Consumer Duty expectations for firms working together to manufacture products or services - updated expectations to help firms interpret the Consumer Duty where they work together to create products and services.
