(1) The Treasury may designate a credit reference agency only if the agency -

(a) carries on activities which consist primarily of the furnishing of persons with information relevant to the financial standing of persons or businesses and the collection of information for that purpose;

(b) has procedures in place designed to give effect to the requirements of the data protection legislation and sections 158 to 160 of the Consumer Credit Act 1974 [1974 c. 39.];

(c) permits all small and medium sized businesses about which it holds information to access that information and to challenge inaccuracies;

(d) has systems in place which protect information against loss, corruption, destruction, misuse and unauthorised access; and

(e) has systems in place which are capable of processing information in bulk.

(2) In considering whether to designate a credit reference agency or to revoke the designation of a credit reference agency, the Treasury may also have regard to -

(a) the agency's existing role in the furnishing of information relevant to the financial standing of persons or businesses in the United Kingdom;

(b) the Treasury's view as to whether it is appropriate for the agency to have access to financial information about small and medium sized businesses in light of -