On 20 May 2024, the UK Financial Conduct Authority published principles for developing credit information industry-led remedies.
In December 2023, the FCA published its final report on the credit information market study. The FCA proposed that various remedies should be introduced by industry-led work (including input, where necessary, from the FCA).
The FCA’s final report expects the Credit Reporting Governance Board (the CRGB) will seek input to progress and implement industry-led remedies. The FCA has therefore published the following principles pending the CRGB’s formation:
1 Seek and consider input from all relevant stakeholder cohorts (including, but not limited to, stakeholder cohorts represented on the Interim Working Group (the IWG)).
2 Proactively consider how any steps or decisions might negatively affect the CRGB’s ability to decide longer-term policy or implementation options.
3 Consider how potential approaches or solutions align with the CIMS proposals, the emerging CRGB objectives being developed by the IWG and the Consumer Duty.
4 Specifically consider the impact on different firms (including small businesses) and consumers, including by taking into account effects on:
4.2 customers with characteristics of vulnerability, and
4.1 financial inclusion