The Competition and Markets Authority this morning (November 28) put out a statement that a proposed merger between Experian and Clearscore, the two biggest credit reference agencies in the UK, could “result in less intense competition, potentially harming the continued development of digital products which help people understand their personal finances”.
The announcement can be found here: https://www.gov.uk/government/news/merger-of-credit-score-firms-could-reduce-competition-in-sector
Becky O’Connor, personal finance specialist at Royal London, said: “credit scoring agencies are the gatekeepers to financial well-being. People rely on their credit scores for major life events such as buying a home, through to being approved for a car loan or even something as fundamental as a bank account. So ensuring competition and innovation in this market is about much more than profit margins, it’s about making sure people can still access the financial services that they have come to depend on, at the best possible rates.”
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About Royal London:
Royal London is the largest mutual life, pensions and investment company in the UK, with funds under management of £117 billion, 8.8 million policies in force and 3,745 employees. Figures quoted are as at 30 June 2018.