We have published the Final Report for the Credit Information Market Study (CIMS). 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)[1]
February 2026 update: We have published a consultation on our proposed approach to implementing the FCA-led remedies[2].
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.
In November 2022, we published the interim report[3]. 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:
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.
In the Final Report, we propose a package of remedies:
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.
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[4].
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[5] 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].
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.
We have published our feedback[6] to the IWG's final report.
We welcome the IWG’s proposals[7] and strongly support the new governance arrangements in the credit information market through the formation of a CRGB. The IWG’s work has laid a strong foundation for the next phase in delivering the intended outcomes and remedies of the CIMS.
The report reflects a broad range of stakeholder views and addresses a complex set of issues. We are supportive of the IWG’s recommendations and have provided feedback on areas the IWG may want to consider further. We look forward to the implementation of the IWG’s recommendations by the CRGB, reflecting the feedback we have provided.
The FCA will continue to fund the IWG Chair and Secretariat resource for a short period, for the purpose of carrying out specific, essential transition activities to allow the transition to the new CRGB to continue. These activities include:
The IWG Chair and Secretariat have started work on these activities.
Once these essential activities are complete and permanent CRGB staff are in place, the FCA will cease funding this staff resource and step away to allow industry to take forward the new governance body. We expect this to be by the end of Q3 2025.
We thank the IWG Chair, Secretariat, members, wider cohorts and stakeholders for all their extensive work in developing their well thought through recommendations and proposals. We look forward to working with the CRGB through the early stages of the transition and continuing our engagement, as appropriate and required, once the CRGB is fully set up and operational.
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