Finance
UK financial watchdog revamps consumer credit data collection
Published by Global Banking & Finance Review®
Posted on May 7, 2025
1 min readLast updated: January 24, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on May 7, 2025
1 min readLast updated: January 24, 2026
The FCA is revamping consumer credit data collection to streamline processes and focus on high-value reporting, enhancing consumer and market outcomes.
(Reuters) -Britain's Financial Conduct Authority is revamping the way it collects data from consumer credit providers in an effort to streamline the process and to clarify standard expectations of brokers, debt counsellors and advisers active in the industry.
The watchdog has required consumer credit firms to periodically supply regulatory returns since 2014 but the data received can be inconsistent or not reflective of the harms it has uncovered in the sector, the FCA said on Wednesday.
As a result, many firms face additional ad hoc data requests that the FCA is seeking to minimise.
"The changes help streamline our data collection process so that we collect only what is necessary for the effective supervision of firms, ensuring they can focus on high-value reporting that supports better consumer and market outcomes," the FCA said.
The new return will pose tailored questions, reflecting the specific business models of individual firms supporting more than 40 million consumers, the FCA said.
"It will also enable us to better support consumers and focus our work where harm is greatest."
(Reporting by Yamini Kalia in Bengaluru and Sinead Cruise in London; Editing by Ewan Harwood)
The FCA is revamping its data collection process to streamline it and clarify standard expectations for consumer credit providers.
The FCA aims to minimize inconsistent data and reduce the number of ad hoc data requests faced by firms.
The changes will allow firms to focus on high-value reporting that supports effective supervision and consumer protection.
Tailored questions will reflect the specific business models of individual firms, enhancing the relevance of the data collected.
The FCA's new approach supports more than 40 million consumers in the UK.
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