Fair Trading Commission drafts preliminary report on Jamaica’s Credit Reporting Industry

In recent years, the significance of financial intermediation as a foundational pillar of a thriving society has become increasingly evident. The Fair Trading Commission (FTC) has taken note of the growing demand for credit bureaus in Jamaica, which has prompted us to undertake a comprehensive market study of this industry, commencing in 2022. The study further aligns with Section 5(2)(b) of the Fair Competition Act (FCA), which empowers the FTC to conduct studies, publish reports, and provide information on matters affecting consumer interests.

The study aims to provide a detailed evaluation of the competitive landscape and the regulatory environment that supports credit reporting in Jamaica. Employing a qualitative research methodology, the FTC gathered helpful insights through interviews and surveys with Jamaica's two credit bureaus, Credit Information Providers (CIPs), and Credit Information Users (CIUs). The resulting report presents a thorough analysis, including a competitive assessment, consumer protection considerations, performance indicators, and recommendations for regulatory improvements.

As the study enters its final stages, the FTC is, once again, inviting relevant stakeholders to participate in the engagement process. Stakeholder input is vital to ensure that the findings and recommendations accurately reflect industry realities and consider the perspectives of those directly impacted, especially as we seek to refine our analysis to ensure the completeness of the report.

Stakeholders are invited to review the first draft of the report and provide feedback by November 30, 2024. The FTC is open to arranging meetings or discussions for stakeholders who wish to provide their comments in person or seek further clarification.

Section 53(1) of the FCA allows the FTC to treat any information, documents or evidence submitted to it as confidential. The FTC undertakes to treat any and all information, documents, and /or evidence (or any part(s) thereof) submitted by you and indicated to be confidential or commercially sensitive, as confidential in accordance with this section.

The FTC expresses its gratitude to all stakeholders for their continued partnership and contributions to this important initiative. The Commission looks forward to receiving valuable insights that will help shape the final report and further influence the future competitiveness and growth of Jamaica's credit reporting industry.

click here to access the preliminary draft report