Information on FCA's product sales data - April 2024

Please provide details of the FCA's Product Sales Data with figures for high-cost short-term credit and loan agreements.

For each, please include:

1. Number of firms

2. Number of loans

3. Total value of loans

4. Total amount payable

Please may you provide the figures stated above from the earliest quarter for which data is available to Q1 of 2024 (or whatever is the most recent quarter). 

The information you are seeking can be found in the below annex A.

In reviewing the data, please note that we hold product sales data (PSD) in relation to credit agreements entered into by regulated firms which meet the definition of high-cost short-term credit[1] (HCSTC) or home credit loan agreement[2]. These PSD cover agreements which meet the definitions of HCSTC or home credit loan agreement and have been used to produce this response.

The PSD content used reflects the data as submitted to us by firms. Firms submit PSD on a quarterly basis, providing us with details of the loans they originated in the quarter concerned. The dataset used for this analysis covers the period from 1 July 2016 to 31 December 2023 (30 quarters). For home credit loan agreements, the data begins from 1 January 2019, as earlier data are too incomplete to be representative.

If PSD006 data are not available for a particular firm for a particular period, the data has been supplemented from other sources, when possible. The Total Amount Payable value is not always available in these additional sources, so the figure is not included when incomplete.

We estimate that the population of firms included in the dataset represents 90%+ of the HCSTC and home credit loans agreements market (based on the number of new loans originated). Some lenders did not submit data for the whole period covered by this response. Earlier numbers have been revised from previous FOI responses following the resubmission of data from some firms.

We had carried out selected cleansing to filter out extreme outlier values that are likely to have been misreported for the consumer credit - high-cost short-term credit lending data[3] report. This resulted in the exclusion of up to around 5% of submitted transactions depending on the data being analysed. We had not included some transactions featured in the PSD dataset where we think the data quality is compromised and publishing would be misleading. For this response we have not carried out the full data cleansing performed for the report. We have, however, excluded clearly erroneous transactions which would substantively skew the aggregate data.

Annex A