In this Policy Statement we publish our final rules on data collection.
Why are we issuing this Policy Statement (PS)?
This Policy Statement is the final publication in a series of Mortgage Market Review (MMR) policy documents. The MMR introduces a package of reforms for the mortgage market, with a focus on responsible lending. Most of these reforms will take effect from 26 April 2014.
We already collect some data from firms about mortgages. In previous MMR publications we noted that changes to our regulatory approach meant we needed to review and enhance the data we collect. So we published, CP13/02: Mortgage Market Review – Data Reporting, consulting on proposals on additional data about mortgages.
We are now publishing our final rules on data collection, which will come into effect on 1 January 2015.
Who is this PS aimed at?
You should read this Policy Statement if you are:
- a mortgage lender or other home finance provider, or
- a home finance administrator who collates or submits regulatory returns
It may also be of interest if you are a firm that advises on or arranges mortgages or other home finance products, or a body that represents any of these firms.
These new rules may be of interest to consumers. While the new rules do not directly affect consumers, they will result in us collecting and processing more personal data than we do currently.
What are the next steps?
These rules come into force on 1 January 2015. This gives firms a year to make changes to systems and processes. If your firm is affected by these changes, you will need to start planning now. See the table in the first chapter of this paper for information on the timetable.
Early next year we will publish updated technical information to help firms submitting data to us, including an updated data reference guide for the sales data and a new data reference guide for the performance data. We are not changing how firms can submit data to us; this will continue through the GABRIEL reporting system, whether via automated methods (such as xml) or manual input.
We will also update our PSD FAQs page with information and FAQs which may help firms prepare for the new reporting requirements.