MS19/1: Credit Information Market Study

Terms of reference
Feedback period closed
Study paused
April 2020
Study restarted
July 2021
Interim Report
Q4 2022
Final Report

We have published the Final Report for the Credit Information Market Study. It contains our proposed package of remedies aimed at addressing concerns we identified in the market. We also set out feedback received from stakeholders in response to the Interim Report and Discussion Paper, issues raised, our response and proposed next steps.

Read the Final Report (PDF)

Background to our market study 

Credit information is a key factor in the effectiveness of decisions made by retail lending and wider financial services.  

A well-functioning credit market supports our overall strategic objectives and Business Plan priorities. It supports improving consumer outcomes, protecting consumers, increasing market efficiency, and sustainable economic growth. 

About our market study

In November 2022, we published the interim report. This set out our provisional view on the quality of credit information, strength of competition, extent of consumer engagement and understanding as well as the effectiveness of existing governance arrangements. We found: 

  • Characteristics that could be limiting the strength competition, including that the market is very highly concentrated, with high barriers to entry and expansion.  
  • Evidence of poor data coverage, quality, and consistency amongst participants.   
  • A general lack of awareness and understanding of credit information among consumers.  
  • Governance arrangements in the market appear slow to respond to changes in the market to allow for it to adapt in a nimble manner and lack the appropriate representation. 

In December 2023, having considered feedback on the interim report and having engaged widely with a range of stakeholders, we confirmed our position on the proposed remedies outlined in our final report.

Our proposed remedies

In the Final Report, we propose a package of remedies: 

  • Data quality – improving the coverage, quality, and consistency of credit information to help deliver better outcomes. 
  • Consumer awareness and engagement – support for consumers to improve awareness of and access to credit information. 
  • Competition and innovation – potential changes to foster greater competition and innovation. 
  • Industry governance – reform of industry governance arrangements to help deliver key measures and provide enhanced transparency and accountability. 

The package of remedies consists of proposed new requirements to improve the quality of credit information in the market, and industry-led remedies will be taken forward by the new governance body in the market with FCA input. 

Interim working group 

We have formed an interim working group (IWG) with diverse industry representatives and consumer bodies to produce recommendations to the FCA on the design, implementation, and operation of the new Credit Reporting Governance Body (CRGB). Read more information about the IWG.

Industry-led remedies – principles for development


In our Final Report we set out a package of proposed remedies to achieve our vision for the market and deliver better outcomes for consumers and firms.

We found several improvements that could be made to the market that industry is best placed to develop. Our Final Report sets out a holistic package of proposed industry-led remedies to ensure better outcomes for consumers. These include improving consumer awareness and access to credit information, better data quality and increased competition and innovation.

Our Final Report expects work on the proposed industry-led remedies to be taken forward through the future Credit Reporting Governance Body (CRGB). This body will seek appropriate stakeholder input to progress and implement industry-led remedies.

In the interim, some stakeholders have started thinking about progressing these industry-led remedies and asked for our views on this. We are publishing principles to inform industry on an approach to developing remedies before the creation of the CRGB, without limiting its ability to make decisions about these remedies and their implementation in the future.


The principles set out a range of factors for stakeholders to consider when undertaking work on the remedies. These include input from a specialist and/or broad range of relevant stakeholder cohorts, aligning remedy development with the CIMS proposals’ outcomes, and the emerging outcomes of the CRGB and the Consumer Duty. The principles also consider that work should be undertaken to specifically consider the potential impact on different firms (including small businesses) and consumers. This includes taking into account the effects on customers with characteristics of vulnerability and financial inclusion.

We welcome views from all relevant stakeholders on the development and progress of the industry-led remedies in accordance with the above principles. Please send views and comments to: [email protected].

Next steps 

We thank the organisations and individuals who responded to our Interim Report, discussed their feedback with us, and contributed to the proposed new governance arrangements, including the members of the IWG.

The IWG formally launched in January 2024 and is expected to run for up to 9 months. We will engage with and support the IWG through its term, after which we expect the CRGB to be established by the industry. Thereafter, the new governance body, CRGB will consider the list of recommendations in the CIMS Final Report.

Page updates

: Information added Industry-led remedies – principles for development
: Publication added Final Report published
: Information changed next steps updated
: Publication added Interim Report and Discussion Paper published
: Information added October 2022 update
: Information changed Interim report timeline updated to September 2022.
: Information added February 2022 update
: Link changed Email address updated
: Information added Study restarted and research report published