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Data Bulletin Summary - June 2016

Introduction

The Data Bulletin is a publication by the Financial Conduct Authority (FCA) aimed at increasing transparency and providing insights into regulatory activities. This is the sixth edition, featuring updates on key areas such as Consumer Credit Authorisations, FCA complaints, financial promotions, attestations, and skilled person reports. The FCA invites feedback on how to improve future data publications.

Core Content Overview

The bulletin outlines the progress and statistics of the FCA's regulatory activities, particularly focusing on consumer credit firms, complaints, financial promotions, and supervisory tools like attestations and skilled person reports.

Main Topics and Key Information

Consumer Credit Authorisations

• Total Firms: Between 1 May 2014 and 31 March 2016, 37,362 firms had applied as new firms or been grandfathered.
• Authorised Firms: As of 31 March 2016, 31,006 firms had received authorisation.
• Application Status:
  • Eligible Firms: 49,472 firms were eligible to apply.
  • Applications Received: 25,643 firms applied during the application periods.
  • Lapsed/Canceled Firms: 23,829 firms lapsed or canceled their interim permission.
  • Appointed Representatives (ARs): 6,241 firms became appointed representatives.
  • Reapplied Firms: 527 firms reapplied after lapsing/canceling.
• Authorisation Types:
  • Full Permission: 96% of applications resulted in full permission.
  • Limited Permission: 8,776 new-to-market firms received limited permission.
  • Variation of Permission (VoP): 578 firms had their permission varied.
• Processing Times:
  • Full Permission: Average of 33 weeks.
  • Limited Permission: 11 weeks.
  • VoP: 9 weeks.
  • Statutory Deadline Compliance: 99.7% of cases were determined within the statutory deadline since April 2014 (118 cases breached).

FCA Complaints

• Complaints Received: Between 1 December 2015 and 29 February 2016, the FCA received 232 complaints.
• Allegations Closed: 143 allegations were closed since December 2015.
• Investigated Allegations: 94 allegations were investigated, with 48% not upheld and 52% upheld in whole or in part.
• Reasons for Non-Investigation: Complaints were not investigated if they were general expressions of dissatisfaction or outside the FCA's scope.
• Increase in Complaints: A significant rise in complaints occurred in February 2016, primarily related to the FCA's role in Lloyds' decision to call its Enhanced Capital Notes at par.

Financial Promotions

• Reviewed Cases: Between Q4 2015 and Q1 2016, 1,977 financial promotions were reviewed.
• Amended/Withdrawn Promotions: 69 cases resulted in one or more promotions being amended or withdrawn.
• Sector Breakdown:
  • Consumer Credit: 41% of cases.
  • Retail Investments: 38% of cases.
  • General Insurance: 10% of cases.
  • Mortgages: 7% of cases.
  • Pensions and Retirement Income: 4% of cases.

Attestations

• Purpose: Attestations ensure firms take specific actions to resolve issues, with a focus on accountability and management attention.
• Attestation Requests: 22 attestations were requested during Q3 and Q4 2015/16.
• Sector and Conduct Classification: Data is presented by sector and conduct category, showing the distribution of attestations.

Skilled Person Reports

• Definition: Skilled person reports are independent reviews of regulated firms, used to assess activities of concern.
• Number of Reports: Between 1 October 2015 and 31 March 2016, 10 skilled person reports were commissioned.
• Types of Reports:
  • Direct Contracts: 1 report was directly contracted with a skilled person.
  • Firm-Appointed: 9 reports were commissioned by the firm.
• Legislative Context: Some reports were commissioned under the Financial Services Act 2012.

Key Figures

• Total Consumer Credit Firms: 36,582 applied for authorisation (excluding appointed representatives).
• Authorised Firms: 31,006 firms received authorisation.
• Interim Permission Firms: 3,544 had interim permission.
• New-to-Market Firms: 8,463 were new-to-market (adjusting for cancellations).
• Firms in Determination Process: 1,091 new-to-market firms had applications in the process of being determined.

Future Review

The FCA plans to review how it shares data with consumers and firms over the next six months, seeking feedback to improve transparency and data publications.

Useful Links

• Underlying Data Pack: Available with the bulletin for detailed figures.
• Website: For more information on attestations and skilled person reports.

Annexes

• Annex 1: Detailed data on consumer credit authorisations, including application periods, firm status, and authorisation types.
• Annex 2: Glossary of terms used in the bulletin, such as Application Period, Appointed Representatives, and Grandfathered Firms.

Conclusion

This Data Bulletin provides a comprehensive overview of the FCA's regulatory activities, particularly in the consumer credit sector. It highlights the progress made in authorisations, the nature and volume of complaints, and the use of supervisory tools like attestations and skilled person reports. The FCA remains committed to transparency and is open to feedback on how to enhance its data publications.