On 20 May 2024, the Financial Conduct Authority (FCA) published Principles for industry remedy development.

The FCA Credit Information Market Study Final Report set out that a new industry body, the Credit Reporting Governance Body (CRGB), should be established to oversee arrangements regarding the sharing of credit information. The Final Report also provided that the CRGB will seek appropriate stakeholder input to progress and implement industry-led remedies. Some industry stakeholders have started thinking about the industry-led remedies and have sought the FCA’s views on how to progress these pending the formation of the CRGB. The FCA has now published a set of principles in response to these requests. The CRGB will make final decisions and implement industry-led remedies once it is established.