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.”