FCA allows Moneyhub to provide Credit Information Services

The ability to provide Credit Information Services (CIS) is subject to FCA regulation, and by becoming a Credit Information Services Provider, Moneyhub gained the ability to obtain and display a user’s credit file information, including credit score, across its platform. This functionality will become a part of Moneyhub’s consumer app and will benefit the clients of its Open Finance technology.

As far as the application process is concerned, Moneyhub went forward with the application after it conducted a survey of its user base. The survey results revealed that more than 80% of participants would be interested in understanding their credit score profile as part of their wider financial position. In essence, Moneyhub aimed to support more informed decision making thus contributing to financial wellness.

At a glance, Moneyhub’s solution facilitates the connection of current accounts, savings, loans, investments, property, automotive and pensions. It offers a holistic view of an individual’s finances and financial health, and it facilitates actionable insights by leveraging machine learning.

According to ffnews.com, Moneyhub works with companies such as Aon, Standard Life, Mercer and SEI Investments. The same source reveals that the company’s technology is available to more than 150 million people. The FCA’s Credit Information Market Study Interim Report revealed that there’s a high level of awareness of credit information among consumers. However, understanding the information and its impact is low, which could lead to detrimental effects on the consumer. For instance, by exhibiting a poor understanding of credit information, consumers could end up harming their creditworthiness through their actions.

Other developments from Moneyhub

In September 2023, Standard Life partnered with Moneyhub to leverage its customisable, white label pensions dashboard to deliver its now commercial pensions dashboard. Through this partnership, the dashboard was embedded into Standard Life’s existing customer app, which incorporates a financial wellness tool named Money Mindset, which is also powered by Moneyhub’s Open Finance capabilities.

Alongside finding and viewing all their pension data, pension scheme members gained the ability to connect to and see their bank accounts, credit cards, savings, property valuations, ISAs, loans, mortgages, and other financial products all in one place, allowing them to make better long-term financial decisions.

For more information about Moneyhub, please check out their detailed profile in our dedicated, industry-specific Company Database. Moneyhub was also included in The Paypers’ 2023 report ‘The Open Revolution: From Open Banking to Open Finance.’, which can be downloaded here.