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We continue to manage matters around credit data sharing, with a particular focus on the FCA’s Credit Information Market Study (CIMS), where its interim report was published in November 2022, setting out a series of potential market remedies. Our response to the report (February 2023) broadly supporting 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 remedies over the course of 2023.
We are 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. 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.
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