Changes to Consumer Credit Regulatory Returns

Following on from CP24/19 last year, the FCA has issued Policy Statement 25/3 confirming a new consumer credit regulatory return, which will replace 2 existing returns. The new return covers the activities of:

· credit broking;

· providing credit information services;

· debt adjusting; and

· debt counselling.

It is welcome news that the return is designed to be more concise, clearer and easier to complete. The FCA note that following feedback from the consultation paper, the new CCR009 return asks firms tailored questions, reflecting their specific business models. It includes 5 mandatory sections of questions for all firms, followed by firm specific questions relating to the regulatory permissions that firm has. The 5 mandatory sections include information about the firm’s activities undertaken in the previous 12 months, its business model, marketing channels, revenue and staffing and remuneration.

CCR009 will replace the current CCR004 and CCR005 returns and partially replace CCR002 and CCR007. It will run on a calendar year basis – filing will be twice a year for those firms with revenue from credit related activities of over £5m and once a year for other firms. The first relevant period for existing firms will be the year to 31 December 2025, giving firms time to get used to the new report.

The FCA had planned further changes to existing returns but have paused this to allow firms time to implement the existing changes and to allow the FCA themselves to assess the impact and value of the new returns.

You can read the full Policy Statement here. If you have any questions or need any assistance completing your returns, please do get in touch.