On 26 February 2026, the Financial Conduct Authority (FCA) published Consultation Paper 26/7: Credit Information Market Study: Proposed approach to implementing FCA remedies (CP26/7) setting outs its proposals to improve how consumer credit information is shared and used across retail lending markets.

Background

In December 2023 the FCA published a final report on its credit information market study (MS19/1.3) which set out a package of remedies to improve the credit information market. This included proposed new FCA rules and guidance alongside reforms to industry governance arrangements and other industry-led remedies. As a result, a new Credit Information Governance Body has been set up whereby industry participants are working on industry-led remedies.

Proposals

CP26/7 focuses on FCA-led remedies consisting of new Handbook rules to improve the coverage and quality of credit information. This includes mandatory reporting requirements for firms in the credit and mortgage markets and connected obligations which in turn would create a regulatory framework for how credit information is shared and used across the retail lending markets.

In particular, the FCA’s proposed remedies include:

  • Remedy 2A – Mandatory data sharing with Designated Consumer Credit Reference Agencies (DCCRAs): New mandatory reporting requirements for firms undertaking certain activities to share consumer credit information which includes the proposal to require all firms who share any consumer credit information with at least one DCCRA to share all consumer credit information with all DCCRAs. The FCA are also consulting on a range of connected obligations for firms and DCCRAs and on its approach to designating DCCRAs.
  • Remedy 2D – Data contributor requirements: Requirements for regulated data contributors that aim to improve the accuracy of information shared and processes for dealing with error correction/disputes and reporting satisfied County Court Judgements or decrees. The FCA notes that no significant changes have been made to the FCA’s position from MS19/1.3 and that some of these proposals relate to information provided under the mandatory reporting requirement while some have a wider application.

A draft of the FCA instrument that would make the proposed Handbook changes, the Designated Consumer Credit Reference Agencies Instrument 202X is set out in Appendix 1 to CP26/7.

Other potential remedies

The FCA propose its next steps on Remedy 2C (DCCRA information reporting to the FCA) where DCCRAs will be sent a section 165 request approximately 12 months after the mandatory reporting requirement comes into force.

Currently the FCA do no propose to consult on making Handbook rules under Remedy 3A (signposting to statutory credit reports (SCRs)) and adds that firms should already be considering how best to signpost consumers to SCRs under the Consumer Duty as set out in its January 2025 portfolio letter.

The FCA will continue to monitor how firms meet its expectations, and if the Consumer Duty does not deliver the desired outcomes, it will consider consulting on specific Handbook rules to implement this remedy.

Next steps

The FCA proposes that the new regime will commence 12 months after the publication of its policy statement with an additional 6-month period for first-time provider firms.

The consultation closes on 1 May 2026.