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We continue to manage issues around credit data sharing, with a particular focus on the FCA’s Credit Information Market Study (CIMS), where the interim report is now expected in the summer of 2022 following the latest update from the FCA . Related FCA work around forbearance will also feed into CIMS. We continue our ongoing engagement with the FCA to discuss CIMS progress/ timing.
We continue to be actively involved with the consumer credit information governance group, the Steering Committee on Reciprocity (SCOR), to ensure that members’ data is being used in accordance with established rules and principles. With an increased focus on data privacy issues, we are engaging closely with our Data Protection & Ethics Committee to ensure appropriate consideration/ governance over requests to use credit data for any new purposes. Current areas being considered include ensuring new data from the BNPL sector is sufficiently robust to support industry’s affordability assessments. As part of a broader area of work around problem gambling, we are working with the Gambling Commission (GC) and credit reference agencies (CRAs) to assess what data points could be shared with the gambling sector to meet the GC’s requirements for preventing harm.