FCA regulatory returns: Why consumer credit firms can’t afford to get it wrong, and how we make it easy

For consumer credit firms, submitting accurate and timely regulatory returns to the FCA is not just a box-ticking exercise; it’s a critical part of your regulatory obligations. Whether you’re a credit broker, debt counsellor, credit provider, or motor finance firm, the FCA expects you to submit regular data returns that reflect your firm’s financial position, customer outcomes, and compliance with regulatory standards.

The regulatory risks of getting it wrong

The FCA uses regulatory returns to monitor the health of the consumer credit market, identify misconduct, and assess whether firms are meeting their obligations under the Consumer Credit Sourcebook (CONC) and Consumer Duty. Submitting incorrect or late returns undermines this process, and the FCA takes it seriously.

Firms that fail to submit returns on time or submit inaccurate data face a range of consequences, including:

• Late submission fees: The FCA imposes administrative charges for late returns, typically starting at £250 and increasing with repeated non-compliance. These fees are automatic and non-negotiable.
• Warning notices: Firms may receive formal warnings or be placed under enhanced supervision if they repeatedly fail to meet reporting obligations.
• Reputational damage: Non-compliance can damage your firm’s standing with the regulator and reduce trust with clients and partners.
• Enforcement action: In severe cases, the FCA may restrict or revoke a firm’s permissions, particularly if poor reporting is linked to wider governance or conduct issues.

In 2024 alone, the FCA issued over 1,200 reminders and notices to firms that failed to submit returns on time or submitted incomplete data. Many of these were related to the CCR007 return, which had become a source of confusion for smaller firms due to its technical structure and evolving requirements.

But the financial cost is only part of the risk. In some cases, it may even lead to Skilled Person Reviews (s166), which can cost tens of thousands of pounds and require extensive remediation.

Why firms still struggle

Despite the FCA’s efforts to streamline returns, many firms continue to find the process frustrating and time-consuming. Common challenges include:

• Lack of internal compliance expertise: Smaller firms often don’t have dedicated compliance teams and rely on directors or admin staff to complete returns.
• Confusing terminology: Even with updated forms, the FCA’s language can be technical and difficult to interpret without the right regulatory experience.
• Manual processes: Many firms continue to rely on manual systems, which heighten the risk of human error and operational inefficiencies.
• Deadline confusion: Submission dates vary depending on firm type and reporting frequency, making it easy to miss a deadline.

The FCA’s RegData system, while improved, can still be difficult to navigate, especially for firms that only log in once or twice a year. And with the FCA placing greater emphasis on data quality and timeliness, the stakes have never been higher.

Your solution:

Our service is designed specifically for consumer credit firms that want to stay compliant without the stress, confusion, or cost of managing regulatory returns in-house.

With our cost-effective service, you don’t have to worry about compliance deadlines or complicated forms:

• Data collection method: We provide a simple, user-friendly template. All you need to do is input your figures—no technical jargon, no guesswork.
• Deadline management: We track your submission dates and send timely reminders, so you never miss a deadline.
• Regulatory return: Our compliance experts accurately complete your FCA returns, ensuring they meet all regulatory requirements.
• Submission: We handle the entire submission process on your behalf via the FCA’s RegData platform.

Why choose us?

• Expertise from a global consulting firm with deep knowledge of consumer credit regulation, including former FCA professionals who are experienced in regulatory returns.
• Stress-free process – we manage the deadlines, data, and submissions so you can focus on your business,
• Affordable and transparent – one fixed fee.
• Peace of mind – you stay compliant, avoid penalties, and reduce regulatory risk.

Final thoughts

Regulatory returns are not just a formality; they’re a vital part of your relationship with the FCA. Submitting accurate, timely data demonstrates that your firm is well-governed, compliant, and committed to delivering good outcomes for customers.

With our support, you focus on what you do best – serving your customers and growing your business. Let us take care of compliance, so you don’t have to.

If you would like to find out more, contact the team.