Prudential Regulation Authority Rulebook

23.1

This Chapter applies to every firm permitted to carry on the regulated activity of entering into a regulated mortgage contract.

23.2

If a firm makes a further advance under a regulated mortgage contract, the firm must submit to the FCA a ‘sales data report’ within the meaning of SUP 16.11 of the FCA Handbook which contains the data elements set out in SUP 16 Annex 21 of the FCA Handbook.

23.3

If a firm makes an advance under a regulated mortgage contract which is not a second charge regulated mortgage contract, the firm must submit the data elements specified in 23.6 to the FCA as part of a ‘sales data report’ under SUP 16.11 of the FCA Handbook.

23.4

If a firm makes an advance under a second charge regulated mortgage contract the firm must submit the data elements specified in 23.7 to the FCA as part of a ‘sales data report’ under SUP 16.11 of the FCA Handbook.

23.5

1. (1) A firm may appoint another person to submit the ‘sales data report’ under 23.2 or the data elements under 23.3 or 23.4 on the firm’s behalf if the firm has informed the PRA and the FCA of that appointment in writing.
2. (2) Where (1) applies, the firm must ensure that the submission complies with the requirements of this Chapter and identifies the originator of the transaction.

23.6

The data elements referred to in 23.3 are:

1. (1) the total amount owed by the borrower to the firm and secured on the same property immediately prior to the new borrowing– this data element is not limited to amounts secured by regulated mortgage contracts, but includes any borrowing secured on the property;
2. (2) if a stress test was undertaken, the interest rate to which stress was applied in order to produce a stress-tested interest rate; and
3. (3) if a stress test was undertaken and the contractual reversion rate is different from the rate reported in (2), the contractual reversion rate specified in the regulated mortgage contract.

23.7

The data elements referred to in 23.4 are:

1. (1) the total amount owed by the borrower to the firm and secured on the same property immediately prior to the new borrowing– this data element is not limited to amounts secured by regulated mortgage contracts, but includes any borrowing secured on the property;
2. (2) the total amount owed by the borrower to third parties secured on the property;
3. (3) if a stress test was undertaken, the interest rate to which stress was applied in order to produce a stress-tested interest rate; and
4. (4) if a stress test was undertaken and the contractual reversion rate is different from the rate reported in (3), the contractual reversion rate specified in the second charge regulated mortgage contract.

23.8

A firm must submit the ’sales data report’ required by 23.2 and the data elements required by 23.3 and 23.4 in accordance with the procedure and format for a ‘sales data report’ set out in SUP 16.11 of the FCA Handbook.