PSD provides us with information on the sales of investment, home finance, short-term loans and a limited range of pure protection products, plus the performance data for mortgages.
Product providers submit Product Sales Data (PSD) to us using Gabriel.
Your firm will have the following PSD report items scheduled in its Gabriel returns based on its PSD permissions:
- PSD001 Mortgage
- PSD002 Retail Investments
- PSD003 Pure Protections
- PSD004 Home Reversion Plans
- PSD005 Home Purchase Plans
- PSD006 Short-term loans
- PSD007 Mortgage Performance Sales Data
Items 1 to 6: providers complete their PSD within 20 working days of the end of each calendar quarter, eg 1 January to 1 March, 1 April to 30 June, 1 July to 30 September and 1 October to 31 December.
Item 7: Providers complete their PSD Mortgage Performance data within 30 working days from the end of each calendar half-year, eg 1 January to 30 June and 1 July to 31 December.
You can find further details of the reporting requirements in SUP16.11 and the PSD FAQs pages.
Accessing PSD within Gabriel
Each Gabriel Principal User will have the appropriate access to the PSD screens, accessed via the left hand menu. This menu will expand to show the following (if you have the relevant responsibilities):
- Prepare Report (to key and submit transactions manually)
- Upload PSD XML (to submit transactions via XML upload option)
- Report History (to view previously submitted PSD reports)
- Search Transactions (to search specific transactions from where they can be cancelled or amended)
Granting additional users access
It is the Principal User's responsibility to set up firm users for PSD using the Maintain/Add User function in Gabriel, where you can assign users varying levels of access to the PSD screens (or others) using the radial buttons for each data item.
There is an option to set up users so they can submit PSD report items only by ticking the new box on the Add Firm User / Maintain Firm User screen.
If you do not know who your firm's Principal User is then please contact us.
Your firm can report, amend and cancel its PSD transactions by:
- manually keying PSD transactions using the Gabriel screens
- uploading a PSD XML report using the PSD web upload option
- uploading a PSD XML report using the system to system transfer option
The transaction reporting fields and XML schemas can be found in the relevant PSD001 to PSD007 data reference guides.
Once your firm has completed its reporting for the period, you should find the relevant PSD001 to PSD007 report in your Gabriel schedules and update the status to 'Submitted'. The new reports will be shown within your schedule, according to your firm's permissions (listed above).
Reporting a 'nil' return
Firms do not need to submit a data report if no relevant sales have occurred in the quarter, however, you are advised to register a nil return as this will ensure that your schedule is not overdue.
Updating the relevant PSD001 to PSD007 data item as submitted will notify us that you are reporting a nil return if we can see that you have not reported any transactions for the quarter.
Amending the PSD001 to PSD007 reports
If you have a specific query on how a rule applies to your own circumstances you should approach your usual supervisory contact at the FCA or PRA.
Help for new users
- mortgage further advances
- top-up premiums (on existing policies), increments or policy renewals
- re-investments to an existing contract
- future policy alterations such as converting a critical illness contract to a long-term care insurance contract in the future
So if your company only writes general insurance contracts, or is only involved in writing top-up business, effecting policy renewals, altering policies or providing further advances to existing mortgages, you will not need to report PSD.
In addition, firms closed to new business are also excluded from PSD reporting.