History
- November 2022 - The FCA published their interim report and discussion paper. This showed that, while the market was working well in a number of ways, there were also several areas where it could be working better and which we wanted to address. It found:
- significant material differences in data coverage between the 3 large CRAs as well as some evidence of data quality issues
- consumers lacked awareness in terms of accessing and disputing credit information
- greater competition and innovation could be fostered through changes to data access arrangements and more timely reporting of key metrics
- the current industry governance arrangements, the Steering Committee on Reciprocity (SCOR), was ineffective at driving forward change, representing views from a range of stakeholders, prioritising consumer outcomes and acting transparently
- The interim report proposed 12 remedies focusing on 4 themes that came from the main findings.
- January 2024 – The Interim Working Group (IWG) formed to develop CIGB proposals in response to the FCA report . More information on the working group can be found on the IWG landing page. (https://www.fca.org.uk/firms/credit-reporting-interim-working-group )
- March 2024 – The first IWG data user and contributor event was held, with over 80 firms in attendance to discuss the IWG’s progress and recommendations to date.
- April 2024 – Report one: “What the CIGB should do” was published by the IWG.
- July 2024 - Report two: “How the CIGB should be constituted” was published by the IWG.
- September 2024 – The second IWG data user and contributor event was held, with the FCA in attendance to answer industry questions.
- April 2025 - Report three: Consultation papers were published by the IWG following extensive industry engagement.
- May 2025 – The final report was issued by the IWG, setting out the final consolidated recommendations on CIGB’s purpose, structure, funding, data, and transition planning. CIGB was incorporated in Companies House as a company limited by guarantee with high-level Memorandum and Articles of Association. Two temporary Directors were appointed, Jacqueline Keogh (IWG Independent Chair) and Richard Street (Crediva).
- June 2025 – Conversations were held with firms on the topic of prefunding and an initial draft of the prefunding contract were issued for comment. Interviews for the role of CIGB Chair, General Manager, Business Operations Support and Legal Counsel were held.
Useful Information
The Credit Information Market Study (CIMS) Final Report sets out measures to achieve the FCA’s vision for the market and deliver better outcomes for consumers and firms.
The report found that the current industry governance arrangements, the Steering Committee on Reciprocity (SCOR), was ineffective at driving forward change, representing views from a range of stakeholders, prioritising consumer outcomes and acting transparently. Therefore, the CIMS final report set out that a new, more representative and accountable industry body to oversee arrangements about sharing of credit information should be formed - the Credit Reporting Governance Body (CRGB).
To assist with the development of the new governance framework, The FCA, with industry, has formed the Interim Working Group (IWG), to help develop the new governance arrangements in the credit information market. The IWG will produce recommendations to the FCA on the design, implementation, and operation of the new CRGB. The IWG is temporary and advisory only.
It was formally launched in January 2024. While throughout the reports the CIGB is referred to as CRGB, this was changed upon inception and should be regarded as one and the same organisation.
Credit Reporting Interim Working Group
Background information on the IWG and the work they carried out can be found on the FCA website here:
IWG Report 1
The first report and findings from the IWG can be found on the FCA website here:
Report 1: What the credit reporting governance body should do
IWG Report 2
The second report and findings from the IWG can be found on the FCA website here:
IWG Consultation Papers in Lieu of Report 3
In lieu of a 3rd report a set of Consultation papers were issued. These can be found on the FCA website here:
IWG Final Report
The final IWG report was issued in May 2025. This can be found on the FCA website here:
FCA Response to Final Report
The FCA issued a response to the final report and the immense amount of work carried out by the IWG
FCA feedback to the Interim Working Group’s (IWG) Final Report
CIGB Board Recruitment
Appointing our Board is a critical step in the establishment of the CIGB if we are to get on with our self-regulatory mission as quickly as possible. Click below to find out more information about the process and how to apply