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Wednesday, 17 June 2015

FCA Consults On Rules for Banks' #SME Loan Referrals and Credit Data

The Financial Conduct Authority is consulting on rules relating to banks' obligations to release information about credit performance to credit reference agencies; and the referral of their rejected small business loan applications to 'designated finance platforms'. 

The proposals are in Chapter 6 of the FCA's current quarterly consultation.

The FCA will have a limited supervisory and enforcement role in relation to these obligations.

The consultation ends on 5 August 2015.