PSD is the information we require firms to send us. They send us details of their sales of regulated mortgage contracts, retail investment products and certain pure protection products to retail and private customers. We use this data to assist us in regulation of firms and to spot trends in the products sold in the UK market.
Since 1 April 2005, product providers have been sending us transaction-level data on direct sales by their own sales forces and sales made by intermediaries, once a quarter.
Our main consideration is to provide consumers and market participants with the most relevant and usable information for their needs. In light of this, we are today publishing only the underlying PSD data, and not any additional analysis and commentary.
Pure Protect Contracts PSD is collected for a limited number of product types – that is, products with complexities that increase the potential risks to consumers. These product types are:
We collect PSD on 30 retail investment products, in five product categories:
Details of loans for house purchases and remortgages are captured by mortgage PSD, but data relating to further advances are not. Additionally, mortgage PSD only covers regulated mortgage contracts so it excludes products such as second-charge lending, commercial, and buy-to-let mortgages.
We only ask firms to report completed transactions (where the funds have been transferred from lender to borrower). The data each lender submits for mortgage PSD is the same as the data it gives to the Council of Mortgage Lenders (CML) for its Regulated Mortgage Survey. However, the figures published in that survey will differ from mortgage PSD because a small number of mortgage lenders do not submit data to the CML.
If you need more information about mortgage sales, the FCA and Bank of England do publish other sources of mortgage data, such as those derived from the Mortgage Lending and Administration Return (MLAR) which cover different areas. For example, further mortgage advances are included in the MLAR but not in the PSD. So please bear these factors in mind when comparing mortgage PSD with other related data.
To find out what we mean by the terms we use in PSD, please see our glossaries of definitions.
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