FCA publishes credit reporting IWG response to FCA credit information market study final report

Article summary

The Financial Conduct Authority (FCA) has published the credit reporting Interim Working Group (IWG) response to the FCA’s Credit Information Market Study (CIMS) final report, recommending the establishment of a new Credit Reporting Governance Body (CRGB) to replace the existing Steering Committee on Reciprocity (SCOR). The response details proposals for the CRGB’s purpose, roles, objectives, legal structure, funding model and oversight procedures, all of which are designed to improve data quality, enhance consumer protection and promote competitive practices in the UK credit information industry. The IWG, comprising representatives from established credit reference agencies, new providers, consumer groups and trade associations, has developed the recommendations as a modern, transparent and accountable framework to govern the sharing and use of credit information.