This policy statement summarises the feedback we received on the proposed changes to Section K of the RMAR and PSD reporting requirements.
Based on the feedback received, we have made some small amendments to the final rules and guidance but we have decided to proceed with the main elements of the original proposals.
Why are we publishing this paper?
In September 2013, we published our data strategy. This set out our vision for the data we collect and hold, which is to ensure that all data we collect is actionable, integrated and fully accessible across the FCA to help us meet our objectives.
CP14/5 and this policy statement form part of our ongoing commitment to ensure the data we require firms to provide is collected appropriately and proportionately.
Who does this affect?
The changes to Section K of the RMAR will be of interest to firms that provide personal recommendations to retail clients in relation to retail investment products.
The change to our PSD will be of interest to any firm which is, or will be, subject to the PSD requirements in Chapter 16.11 of the Supervision manual (SUP) of the FCA Handbook.
What are the next steps?
The changes to Section K of the RMAR will take effect from 31 December 2014. The changes to PSD reporting will take effect in two stages: the first from 1 October 2014 reflects the policy changes pre-MMR (Mortgage Market Review) implementation and the second from 1 January 2015 the changes post-MMR implementation.