We have made a modification by consent available so providers of Home Reversions (HR) and Home Purchase Plans (HPP) do not need to submit Product Sales Data (PSD) electronically as required by our rules (SUP 16.11).

Once a quarter, product providers send us PSD on sales transactions for regulated mortgage contracts, some retail investments, and pure protection products made by their direct sales force and intermediary firms.

Which firms does this apply to?

All providers of Home Reversions and Home Purchase Plans.

What is the purpose of the modification?

We are not able to collect the first set of electronic data from January 2008 using the Transaction Reporting System (TRS).

We consulted on our approach to the PSD reporting requirements in Consultation Papers 06/8 and 06/13, in April and July 2006 respectively. In November 2006 we confirmed our final policy in Handbook Notice 60 (paras 4.33 – 4.34). We announced firms undertaking HR and HPP would have to start collecting PSD from 1 October 2007. We said the first PSD return would be for the quarter 1 October to 31 December 2007 and firms must submit it by the end of January 2008.

However, we will not be enhancing TRS for HRs and HPPs to enable firms to submit the data electronically at the present time because:

  • As a risk-based regulator we allocate our resources proportionately and over the last few months it has been necessary to change our Information System (IS) development priorities.
  • We are currently carrying out a wider review of PSD and we may be able to achieve greater efficiencies if we incorporate HR and HPP reporting into this wider review.

What does this mean for firms?

We have granted a modification by consent for SUP rules 16.11.3 (1), 16.11.7 and 16.11.9 (PSD Reporting).

We have set out the changes in detail in the modification direction [PDF].

Firms must still collate and store the data required under SUP 16.11.3 to submit at a later date. We will also require firms to submit the data specified on the appendix [xls] to the direction on a quarterly basis and return completed forms by email to ProductSalesData@fsa.gov.uk. The deadline for submission is 20 working days after the end of the calendar quarter.

How do firms apply?

To take advantage of this modification by consent, an appropriately senior approved person at your firm should email us at centralwaiversteam@fsa.gov.uk with your request for the modification. We will write to you to confirm whether we have granted your request and will publish each approved modification on our website.