Insights ¦ FCA Public FCA Feedback to the Interim Working Group’s (IWG) Final Report

Published by: Financial Conduct Authority
Search for original: Link

Key Take Aways

The FCA supports the IWG’s progress in establishing a new credit information governance framework, underscoring the CRGB’s central role in driving market improvements.

The governance model is designed to improve data quality, stimulate innovation and competition, and enhance financial inclusion.

Stakeholder engagement and collaboration have been essential in agreeing governance structures, including Board representation and advisory councils.

The CRGB’s outcomes-based approach prioritises consumer benefit, with a focus on improved credit access and responsible use of data.

Developing quantifiable measures to track progress against the CRGB’s three core themes is highlighted as a priority.

Commercial credit data governance will retain existing ‘passive’ management arrangements (via grandfathering schemes), recognising their contribution to market growth.

The FCA recommends that the CR...

Access this content for FREE by signing up for ROAR Membership.

Join with a Basic (free) or Plus membership (for extra features).