FCA publishes credit information market remedy package

The FCA has published its final report for the Credit Information Market study. It has proposed a package of remedies to address the weaknesses its review found in the sector. The remedies focus on:

• improving data quality;
• providing more support for consumers to be better aware of any more easily able to access credit information;
• potential changes to  help competition and innovation; and
• reforming industry governance arrangements which the FCA’s review had showed to be slow to adapt to market change.

The report sets out several improvements that the FCA thinks can be industry-led, based on a set of principles for the approach it thinks industry should take. The industry approach will be led by a Credit Reporting Governance Body, but the FCA thinks plans can start to develop while that body is created. Currently, the interim working group set up in January is expected to run until around September.