HKMA issues revised statutory guideline on consumer credit data sharing
AIs' credit and compliance teams must align consumer credit data sharing and use with the revised HKMA IC-6 statutory guideline from 12 June 2026
Change
On 9 June 2026, the Hong Kong Monetary Authority (HKMA) notified all Authorized Institutions that it will gazette a revised SPM module IC-6 on the sharing and use of consumer credit data through credit reference agencies as a statutory guideline under section 16(10) of the Banking Ordinance, taking effect on 12 June 2026.
Why it matters
The revised IC-6 reflects the regulatory requirements following full implementation of Credit Data Smart for consumer credit reference services, and incorporates enhancements to the Hong Kong Approach to Consumer Debt Difficulties and the Interbank Debt Relief Plan. Issued as a statutory guideline under section 16(10) of the Banking Ordinance and effective 12 June 2026, it sets the standard against which AIs' consumer-credit-data practices are supervised, so AIs must ensure their credit-data sharing, use and debt-relief handling conform to the revised module from the effective date.
Implications
- — Credit and compliance teams at Authorized Institutions must review and align their sharing and use of consumer credit data through credit reference agencies with the revised IC-6 statutory guideline from 12 June 2026, since it sets the supervisory standard under section 16(10) of the Banking Ordinance.
- — AIs must ensure their consumer-credit-data practices reflect the full implementation of Credit Data Smart for credit reference services as incorporated in the revised module, or fall short of the revised supervisory expectation.
- — AIs' collections and customer-remediation teams must incorporate the enhancements to the Hong Kong Approach to Consumer Debt Difficulties and the Interbank Debt Relief Plan reflected in the revised module into their debt-difficulty handling.
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