The FCA has called for insight into the credit information market with a view to publishing an interim report on its findings in spring 2020, which will then be open to consultation.
The regulator cites concerns over the quality and coverage of the credit information market, as well as the effectiveness of competition between credit reference agencies and levels of customer engagement.
The study will be split into two parts: how the credit information market functions, and how it impacts customers. The regulator adds that in its analysis it will focus on individual market participants rather than SMEs.
Within these two parts the FCA has identified four themes: the purpose, quality and accessibility of credit information; market structure, business models and competition; consumer engagement and behaviour; and the future evolution of the market.
The regulator is seeking views from all areas of the industry by the end of July and has supplied a list of questions relating to its concerns.
It stresses that because this purely an information seeking exercise, it may in fact decide to take no further action and instead continue to monitor the market.