What services does ABM Global Compliance offer to credit information firms?

ABM Global Compliance provides a range of services including FCA authorisation, AML/CTF policy development, risk management frameworks, governance and internal controls, regulatory reporting, and ongoing compliance support.

How can ABM Global Compliance assist with FCA authorisation?

We assist credit information firms in obtaining FCA authorisation by preparing the necessary application documentation, establishing governance structures, and ensuring compliance with regulatory requirements.

What is included in AML/CTF & KYC/KYB policy development?

Our services include the development and implementation of anti-money laundering, counter-terrorist financing, and know-your-customer/business policies tailored to the specific needs of credit information firms.

Why is a risk management framework important for credit information firms?

A robust risk management framework helps credit information firms identify, assess, and mitigate potential risks, ensuring compliance with regulatory requirements and protecting the firm's reputation.

What does ongoing compliance support entail?

Ongoing compliance support includes continuous monitoring of compliance status, staff training, and updates on regulatory changes to ensure credit information firms remain compliant with evolving regulations.

Credit Information Services | FCA Compliance Advisory

Overview

Credit information service providers collect, analyse, and supply data on individuals’ credit histories and scores. Operating in a highly sensitive data environment, these firms must maintain strict adherence to data accuracy, consumer rights, and secure data handling while complying with both FCA rules and data protection regulations. ABM helps credit information service providers establish secure, compliant operations while ensuring transparency, data integrity, and regulatory alignment.

Key Compliance Challenges

Accuracy and Timeliness of Data

Credit information must be current, accurate, and reliable, as errors can significantly affect consumers’ financial opportunities.

Data Protection and GDPR Compliance

Firms must handle consumer information in line with the General Data Protection Regulation (GDPR) and FCA guidance, ensuring privacy and secure processing of sensitive data.

Fair Use and Consent

Obtaining proper consent and maintaining transparency about data use are critical for regulatory compliance and ethical operation.

AML and KYC Compliance

Credit information service providers must implement anti-money laundering and Know Your Customer protocols to prevent misuse of financial data and ensure secure operations.

Information Sharing Protocols

Data sharing with third parties must be carefully controlled, documented, and compliant with consent requirements and regulatory expectations.

Security and Breach Notification Systems

Providers must maintain robust cybersecurity measures, incident response plans, and timely reporting of data breaches to regulators and affected consumers.

How ABM Can Help

Licensing Application

ABM offers guidance on FCA authorisation and GDPR readiness, reviews systems and security controls, and supports application submissions for regulatory approval.

Ongoing Compliance Support

We help firms develop KYC policies, data accuracy controls, third-party access protocols, and breach response frameworks to maintain secure and compliant operations.

Regulatory Reporting

ABM assists with reporting data handling practices, breach disclosures, and engagement with regulators regarding credit reporting obligations.

Specialized Training

Training programs include data protection and accuracy standards, AML compliance, information sharing guidelines, cybersecurity best practices, and ethical management of credit information.

Audit & Assurance

Our audit services cover testing data accuracy and access, reviewing consent documentation, evaluating information usage and risks, and conducting AML and KYC file reviews.