The Financial Conduct Authority (FCA) has announced changes to the regulatory reporting requirements for consumer credit activities. These changes will replace many of the existing data items with new ones. If your firm is authorised for credit-related regulated activities, it will need to report certain information through RegData, the FCA’s online data collection platform.
Depending on the size and nature of your business, the reporting frequency will be quarterly, semi-annually, or annually. The information you submit is used to:
- Support the FCA’s supervisory activities
- Calculate the consumer credit-related portion of your annual fees (based on your credit-related income)
It is important that the data you submit is both accurate and not misleading, as any inaccurate information could create a false impression of your business.
A Major Change: The CCR009 Return
One of the most significant changes is the introduction of the CCR009 return, which completely replaces the existing CCR004 and CCR005 returns. But what exactly does the CCR009 return capture, and who is required to submit it?
The CCR009 return collects data from all consumer credit firms that have permission to conduct the following regulated activities:
- Credit broking
- Debt adjusting
- Debt counselling
- Providing credit information services
Starting 7 May 2025, firms with one or more of these permissions will need to provide detailed information on:
- Their permissions
- Their business model
- Their marketing activities
- Their revenue
- Their staff
Some firms may already have seen the CCR009 return listed in their RegData schedules and may have begun reviewing the necessary steps to complete it.
Replacing Older Returns
In addition to replacing CCR004 and CCR005, the CCR009 return also takes over certain sections of CCR002 and CCR007. Therefore, firms that submit the CCR009 return will not need to provide the same information on CCR002 or CCR007, as long as these forms relate to their credit broking or debt management activities.
Challenges for Firms
The shift to the CCR009 return may pose challenges for some firms, especially those unsure about how to complete the new regulatory report. Firms may find it difficult to gather the required data or to fully understand the new reporting requirements.
For guidance, firms can find detailed information on the data elements required for the CCR009 return in SUP 16 Annex 38D of the FCA Handbook.
How Cosegic Can Help
At Cosegic, we understand the complexities of regulatory reporting. Our team is available to review the CCR009 return on behalf of our clients to ensure that the information provided is accurate and complete before submission. We’re here to help you navigate these changes and ensure compliance with the new requirements.
