<p>The Government has made clear to payday lenders that real-time market-wide data sharing is key to proper affordability assessments and promoting a competitive market.</p><p>The Financial Conduct Authority (FCA) is looking at real-time market-wide data sharing as a priority, including as part of its work to design a payday cap. It will look at the role of credit reference agencies (CRAs) and international examples of data sharing systems.</p><p>The FCA has made clear to industry that it must identify and remove any blockages faced by high-cost short-term lenders and CRAs in sharing real-time data with the rest of the credit market as a matter of urgency. If the industry fails to overcome the obstacles, the FCA has been clear that it will not hesitate to act.</p>