FCA and PRA changes to mortgage reporting requirements

PRA Consultation Paper 30/18 | FCA Consultation Paper 18/41

Update 29 May 2019: At the time of publication, the PRA and FCA expected to issue the final policy in mid-2019. We are currently working on the final policy, and expect to publish rules in a joint Policy Statement in Q3 2019. The ‘Responses and next steps’ section below has been updated to reflect this updated timeline. 

The Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) have published a joint consultation paper (CP) on proposals for new reporting requirements that would apply to mortgage lenders and home finance administrators.

Published on 13 December 2018

Overview

In this joint Consultation Paper (CP), the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) set out proposals for new reporting requirements that would apply to mortgage lenders and home finance administrators. The CP contains proposals made solely by the FCA in relation to its objectives as well as joint proposals that are given effect through a combination of PRA and FCA rules. To make the proposed requirements clear for firms, the proposals are presented under the relevant reporting return or template. 

This consultation will be directly relevant to

  • Mortgage lenders
  • Home finance administrators
  • Entities which own mortgage books but which are not authorised to lend

This consultation will also be relevant to stakeholders with an interest in the mortgage and home finance market, including:

  • Trade bodies representing home finance firms
  • Charities and other organisations

Responses and next steps

The FCA and PRA invite feedback on the proposals in this paper. Please send any comments or enquiries by Friday 22 March 2019 to cp18-41@fca.org.uk.

The FCA and PRA will consider your feedback and publish rules in a joint Policy Statement in Q3 2019, and plan to offer firms an implementation period of a year following that publication.

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