The UK’s Financial Conduct Authority (FCA) has defined in SUP 16.11 Product Sales Data FCA Reporting, a series of Product Sales Data FCA returns (PSD) in relation to a firm:
- which is a home finance provider; or
- which has permission to enter into a regulated credit agreement as a lender in respect of high-cost short-term credit or home credit loan agreements; or
- which is, in respect of sales to a retail client or a consumer, (i) an insurer; or (ii) the manager of an authorised AIF or a UCITS scheme; or (iii) the operator of an investment trust savings scheme, or a personal pension scheme; or (iv)a person who issues or manages the relevant assets of the issuer of a structured capital-at-risk product;
unless the firm is a managing agent.
The FCA has provided the facility for firms to complete the returns by manually keying in the values on the Gabriel system.
The FCA has also provided a series of PSD XML schemas so that data can instead be uploaded in XML format. XML Authority gives regulated firms the ability to automatically file their returns without the risk of errors due to the manual transposition of numbers onto the Gabriel system.
A firm must submit a report containing the information required as follows:
- A ‘sales data report’ within 20 business days of the end of the reporting period; and
- for regulated mortgage contracts, a ‘performance data report’, within 30 business days of the end of the reporting period;
The reporting periods are;
- for sales data reports, the four calendar quarters of each year beginning on 1 January; and
- for performance data reports, the six month periods beginning on 1 January and 1 July in each calendar year.
A firm must submit a nil return if no relevant sales have occurred in the quarter.
PRODUCT SALES DATA XML SCHEMAS.
XML Authority’s schema library contains all Product Sales Data XML Schemas:
- PSD001 – Product Sales Data – Mortgage
- PSD002 – Product Sales Data – Retail Investments
- PSD003 – Product Sales Data – Pure Protection
- PSD004 – Product Sales Data – Home Reversion Plans
- PSD005 – Product Sales Data – Home Purchase Plans
- PSD006 – Product Sales Data – Short Term Loans
- PSD007 – Product Sales Data – Mortgage Performance Data
XML Authority’s intuitive user interface makes producing valid Product Sales Data – PSD XML filings easy with little or no training.
The implementation guidance provided by the FCA can be difficult to interpret. A detailed understanding of the data requirements can be gained at a glance with XML Authority’s simple presentation of the schema as a set of forms and tables.
Reports can be further simplified by eliminating non-relevant sections using the Schema Masking functionality.
Easly hide non-mandatory elements (individual reporting elements or entire report sections) which not only simplifies the schema layout but also reduces the complexity of your required import data.
AUTOMATE AND REDUCE ERRORS.
Save time and reduce errors by importing data from XML Authority generated Microsoft Excel import templates or linking to data in relational databases.
Create a set of related tables from which to read data which conform to the PSD XML Reporting schema using database scripts generated by XML Authority itself.
Be assured that your data is in compliance with the requirements of the schema through XML Authority’s validation functionality.
Get real-time feedback on the validity of data input and use the interactive Validations panel to help find and navigate to issues which would cause rejection on the Gabriel submission gateway.