Equifax, the credit reference agency, has been granted full Financial Conduct Authority authorisation with effect from today.

The FCA's approval comes at a pivotal time for credit reference agencies, with technological advances and changes in the behaviour of HNW customers affecting the sharing of data in important new ways, as shown by initiatives such as the Open Banking Standard. The Open Banking Working Group, which produced the standard, was set up in September 2015 at the request of HM Treasury to explore ways in which firms could use data to help people transact, save, borrow, lend and invest their money.

Outside the HNW realm, Equifax organises, assimilates and analyses data on more than 820 million consumers and more than 91 million businesses.