AxiomSL Expands its Product Sales Data Disclosure Solution to Meet the FCA’s New Consumer Credit Reporting Requirements
London – October 1, 2014 – AxiomSL, a global provider of regulatory reporting and risk management solutions, has expanded its product sales data (PSD) disclosure offering to cover new consumer credit reporting requirements that are being introduced by the UK’s Financial Conduct Authority (FCA) today. The enhanced solution includes all of the FCA’s new detailed reporting templates, as well as the data aggregation, validation and report submission functionality market participants need to comply.
Since taking over regulation of the consumer credit market from the Office of Fair Trading (OFT) in April, the FCA has developed new reporting requirements. From October 1, 2014, firms authorized to operate in the UK’s consumer credit market are obliged to submit more granular reports on their activities, which include PSD, financial data, loans data and information about revenue, customer and transaction volumes.
In addition to its support for Mortgage Lenders and Administrators Return (MLAR), Client Money and Asset Return (CLMAR) and Retail Mediation Activities Return (RMAR) reporting to the FCA, AxiomSL has created all of the templates needed for the new consumer credit reporting requirements. It will monitor any changes the FCA makes to the requirements and update its templates accordingly, leaving its clients free of onerous development work.
AxiomSL’s solution aggregates the required data from its clients’ disparate systems, normalizes it and reconciles it. The data is then used to populate the FCA’s templates. Users are given the ability to conduct variance analysis and compare their reports with earlier submissions and disclosures made to other regulators, as well. If any issues are highlighted, users can drill down into the source data to explore the matter and when users are satisfied their reports are complete and accurate, the disclosures are submitted in XML to the FCA via its GABRIEL (Gathering Better Regulatory Information Electronically) online reporting system.
AxiomSL’s ‘one platform’ model means the architecture used for FCA reporting can also be used for all other regulatory reporting requirements facing firms today, greatly reducing the cost and complexity of regulatory compliance.
“These new FCA requirements impact a broad range of market participants. The affected institutions will have the required data, but it is likely to be distributed across multiple systems,” said Kassi Assamoi, Senior Manager Banking Products, Policy and Strategy EMEA, AxiomSL. “As a result, market participants really need to focus on putting in place robust data aggregation functionality. It is also worth bearing in mind that, as these are new requirements, they are likely to evolve. Market participants therefore need a highly flexible solution.”
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AxiomSL is the global leader in regulatory reporting and risk management solutions for the financial services industry. Established more than 20 years ago, AxiomSL empowers financial institutions to meet regulatory reporting and risk requirements across multiple regulators and jurisdictions. Via the strategic data-driven platform, firms can meet demands from various regulations, including Basel III, Dodd-Frank, AIFMD, FATCA, EMIR, FINREP/COREP and Solvency II, as well as liquidity, market and credit risk management requirements.
Leading financial firms use AxiomSL’s data management, regulatory reporting and risk management solutions to administer all internal data procedures, simplify, standardize and automate processes, and improve data integrity to successfully enhance decision making. The AxiomSL platform integrates clients’ source data from disparate systems and locations, without any data conversion, in a cost-effective manner, providing flexibility, transparency, traceability and the ability to drill down into data sources. It also delivers analytical applications in the areas of data integration and warehousing, financial risk management, regulatory reporting, compliance and financial control. This solution enables financial institutions to have full control over every step of the process and can adapt quickly to evolving regulations.
AxiomSL’s suite delivers a fully integrated solution from data sourcing to final reports including XBRL submission.