Regulations
By Jean-Luc Maracon
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The FCA dropped new rules today. Financial firms that share credit info with one agency will have to share with all designated credit reference agencies under proposals launched…
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Alison Walters runs consumer finance at the FCA and she's pretty clear about why this matters.
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The consultation runs until May 1, 2026.
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These credit reference agencies basically collect everything about your financial life - payment histories, missed payments, debt levels, the works.
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The new rules don't just cover data sharing. Lenders will have to mark county court judgments as satisfied once someone pays off their debt.
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A Credit Information Governance Body got created to watch over all this.
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The regulator is asking for feedback from banks, credit agencies, and consumer groups during the consultation period.
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Consumers can check their credit reports for free through MoneyHelper while this consultation runs.
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The December 2023 study that sparked these proposals found some pretty concerning gaps. Some lenders share full data with one agency but only partial info with others.
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Banks and building societies will probably push back on some of these requirements during the consultation.
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The Credit Information Governance Body will work with industry participants to make sure the new rules actually get followed.
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Credit reference agencies are expected to support the proposals since more comprehensive data sharing could make their services more valuable to lenders.
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The consultation document CP26/7 lays out exactly what firms will need to do and when. Credit and mortgage companies will need to share consumer data uniformly across all…
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Some industry watchers think these changes are long overdue. Credit data sharing practices haven't kept up with how the lending market has evolved, especially with the rise of…
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The FCA plans to finalize the rules shortly after the consultation ends in May 2026. Firms will then have time to update their systems and processes before the requirements take…
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