FCA launches review of the Credit Information Market
Regulatory Updates | 27/06/19
The Financial Conduct Authority (FCA) has launched a market study to examine how the credit information market operates and the impact it has on consumers.
Firms use credit information when assessing credit risk and affordability. Therefore, it can impact how likely consumers are to be able to access a range of financial services, including mortgages, loans and credit cards and, in some cases, how much they pay for them. This is significant as, according to the FCA Financial Lives Survey, nearly 4 in 5 adults hold at least one credit or loan product. Furthermore, those vulnerable customers for whom a lender’s decision is more finely balanced are most likely to be affected if the credit information market is not working well.
