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Question for Treasury

UIN HL14816, tabled on 12 April 2021

To ask Her Majesty's Government what assessment they have made of The Woolward Review: A review of change and innovation in the unsecured credit market, published on 2 February.

Answered on

26 April 2021

The Government welcomes The Woolard Review – A review of change and innovation in the unsecured credit market. The review will contribute to the evidence base to inform the Government’s future decisions in relation to this market.

We have already taken action to respond to the review’s urgent recommendation for government to legislate to regulate interest-free Buy-Now-Pay-Later agreements, announcing on 2 February that these agreements will be regulated by the Financial Conduct Authority (FCA). On 19 March, the Government tabled an amendment to the Financial Services Bill to provide the Government with the powers to ensure a proportionate approach to this regulation.

The review acknowledges that the longer-term recommendations it makes will take time to implement. The FCA will build these recommendations into their forthcoming Business Plan, as one driver of their priorities for 2021-22. The Government will work with the FCA to deliver to them as appropriate.

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