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The Small and Medium Sized Business (Credit Information) Regulations 2015
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- UK Statutory Instruments
- 2015 No. 1945
- PART 2
- Regulation 3
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Designated banks to provide information to designated credit reference agenciesU.K.
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3.—(1) A designated bank must provide credit information that it holds about each customer of the bank which is a small or medium sized business to a designated credit reference agency if—
(a)the credit reference agency has requested that the bank provide the information;
(b)the request meets the requirements set out in regulation 4;
(2) But paragraph (1) does not require a bank to provide information about a customer who has not agreed to information being provided about it to the credit reference agency (see regulation 5).
(3) The bank must provide the information within a period of 30 days starting with the day on which the bank received the request.
(4) The bank must provide an update to the information in each month following the month in which the information was first provided, unless the credit reference agency has informed the bank in writing that it no longer requires such updates.
(5) Such update—
(a)need not include updated information relating to—
(i)a customer of the bank which has ceased to be a small or medium sized business; or
(ii)a former customer of the bank;
(b)must identify any customer or former customer in respect of which updated information is not provided reliant upon sub-paragraph (a), and in each case state whether such reliance is placed upon sub-paragraph (a)(i) or (a)(ii);
(c)must include information about any customer of the bank which is a small or medium sized business about which information has not previously been provided, if the customer has agreed to the information being provided to the credit reference agency (see regulation 5).
(6) The bank must provide the information and updates to the information—
(a)in a form agreed between the bank and the credit reference agency; or
(b)if there is no such agreement, electronically in a format which may be accessed using software commonly used to access financial information about businesses.
(7) When first providing information to each designated credit reference agency the bank must provide such information falling within paragraph 3 of the Schedule as it holds in relation to a period of six months ending on the date on which the bank provides the information.
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