FCA provides Guidance on Credit Information for SMEs

The FCA today published its finalised guidance report FG16/4: Guidance on Small and Medium Sized Business (Credit Information) Regulations. The purpose of the guidance is to explain the scope of our functions in relation to Regulations. It will be of interest to banks and credit reference agencies (CRAs) designated by HM Treasury under the Regulations, small and medium sized businesses (SMEs) seeking finance, and alternative finance providers.

In June 2015 the FCA consulted on guidance explaining the scope of our functions in relation to the Regulations, which require the regulator to monitor and enforce relevant requirements. This Finalised Guidance is relevant to banks and credit reference agencies designated by HM Treasury under the Regulations, small and medium sized businesses seeking finance, and alternative finance providers and comes into force on 1st April 2016.

The FCA statement and the full report can be found here.

Lavanya Rathnam

Lavanya Rathnam is an experienced technology, finance, and compliance writer. She combines her keen understanding of regulatory frameworks and industry best practices with exemplary writing skills to communicate complex concepts of Governance, Risk, and Compliance (GRC) in clear and accessible language. Lavanya specializes in creating informative and engaging content that educates and empowers readers to make informed decisions. She also works with different companies in the Web 3.0, blockchain, fintech, and EV industries to assess their products’ compliance with evolving regulations and standards.

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