On 20 November 2020, the FCA published a letter it had sent to the boards of directors of firms that have been assigned to the credit reference agencies (CRAs) and credit information service providers (CISPs) portfolio.
The purpose of the letter is to:
- Set out the FCA’s view of the key risks of harm CRAs and CISPs could pose to their customers and the markets in which they operate.
- Outline the FCA’s expectations of CRAs and CISPs, including how firms should be mitigating these key risks.
- Describe the FCA’s supervisory strategy and programme of work to ensure that firms are meeting its expectations, and harms are being remedied.
The FCA will write to CRAs and CISPs again in 2021 to provide an updated view of the key risks posed by firms in this sector and an updated supervisory plans.