The FSA will collect information about mortgage, insurance and investment product sales as part of industry regulation, it said today.
Mortgages, life policies, general insurance and investment schemes will all come under scrutiny, with reports being submitted electronically on a quarterly basis.
The FSA will monitor all product sales, including independent financial advisors, mortgage and insurance brokers and the reports must cover both direct sales and those made by intermediaries.
Sarah Wilson, director of the FSA's High Street Firms Division said in order to monitor the sector effectively "we need to have a clear picture of who is selling what products to who". She added: "That way, we can spot and address potential problems at an early stage."
All retail firms will need to submit details of their financial resources, complaints received, and competence in other areas. Information from intermediaries will be required on a half-yearly basis.
Information on what type of products each firm sold, and whether the sale was advised or not will also be required. For mortgages, the type of property, loan value and repayment method will be reported.
The FSA said it had taken the opportunity of regulation to review the type of information needed from regulated firms. It has opted for secure online reporting in an effort to improve efficiency and reduce costs.
