Credit data sharing

We continue to manage matters around credit data sharing, with a particular focus on the FCA’s Credit Information Market Study (CIMS), where its final report was published in December 2023, setting out a series of market remedies.  Our response to the interim report (February 2023) had been broadly supportive of the FCA’s direction of travel, whilst highlighting the complexity of the changes and the need for realistic implementation timeframes.

We will continue to work with the FCA, members and other parties to assess the detail of the remedies over the course of 2024. In particular, we are a member of the Interim Working Group (IWG), which was established by the FCA to provide it with recommendations on the design, implementation and operation of a new Credit Reporting Governance Body.

In addition to the IWG’s work, we also remain an active member of the consumer credit information governance group, the Steering Committee on Reciprocity (SCOR), and ensure that members’ data is being used in accordance with established rules and principles. As noted above, reform of these governance arrangements is part of the proposed remedies under CIMS. With an increased focus on data privacy issues, we facilitate discussions between members’ credit and privacy subject matter experts, in order to ensure appropriate consideration/ governance over requests to use credit data for any new purposes.