CP26/6: Rules for reforming the UK Securitisation Framework

Read CP26/6 (PDF)

We have closely coordinated with the PRA to ensure a coherent and consistent framework across our rulebooks. See the PRA’s consultation paper with proposals that would affect firms authorised by the PRA.

Why we are consulting

Our approach in reforming the securitisation rules aims to simplify and streamline our rules and regulatory approach to eliminate unnecessary costs. At the same time, we aim to maintain high standards that support market integrity, innovation and competition as well as the competitiveness of the UK financial services industry. 

We have done so by:

• Making the securitisation rules more proportionate.
• Reducing barriers to issuing and investing in securitisations.
• Maintaining appropriate protections for investors.
• Providing a clearer framework for market participants.

Our proposals aim to ensure the market can operate with greater confidence and efficiency, reducing legal and operational uncertainty. They also aim to foster a favourable environment for the securitisation market, supporting a resilient financial system and facilitating growth to the real economy.

As part of this consultation, we propose changes to the transparency requirements (see Chapter 4). To help market participants understand these proposals in more detail we provide below the proposed underlying exposures templates. We want to simplify and align the templates more closely to the loan-level templates that the Bank of England requires to be submitted when receiving certain types of collateral in the context of its market operations.  

The templates are marked up against the Bank of England loan-level data templates, where applicable. We also provide additional information to help the comparison to the current FCA Excel files available on the securitisation webpage. 

A marked-up version of the proposed private securitisation notification template is also included for comparison against the current version. These are provided for convenience only; users should also check the requirements in the proposed draft Handbook text (Appendix 1 of the CP).

Annex 2 Underlying exposures - residential real estate
Annex 4A Underlying exposures - CLOs
Annex 5 Underlying exposures - automobile
Annex 6 Underlying exposures - consumer
Annex 8 Underlying exposures - leasing
Annex 10 Underlying exposures - add-on non-performing exposures
PRA/FCA- Private securitisation notification template

Who this is for

This consultation will affect:

• Authorised firms involved in securitisation markets as institutional investors or as manufacturers.
• Unauthorised entities acting as an original lender, originator or SSPE of a securitisation subject to the FCA rules in SECN.
• Individuals holding offices or positions involving responsibility for taking management decisions at firms involved in securitisation markets.
• UK Securitisation Repositories (SRs).

Next steps

Online response form

We ask for comments on this CP by 18 May 2026.

Please respond by completing this form on our website or in writing to: Securitisation Policy, Financial Conduct Authority, 12 Endeavour Square, London E20 1JN.
Email: [email protected]

We welcome engagement with market participants during the consultation period. Contact us via the CP inbox if you wish to discuss the consultation.

We will consider your feedback and expect to make final rules in H2 2026.