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The BSA responded to the FCA/PRA's consultation on changes to mortgage reporting requirements. Given the large increase in product transfers in recent years, we were sympathetic to the FCA and PRA's rationale for expanding the data reported for it to better analyse and predict market trends. However, feedback from members to the consultation shows some firms to be extremely concerned about how they will apply the changes to the proposed changes to PSD001.
The full response can be found here. We made the following recommendations.
Robert Thickett
Digital Policy Manager