To ask Her Majesty's Government what steps they are taking to develop regulation for Buy Now, Pay Later schemes.
Answered on
16 June 2022
The Government recognises that BNPL products pose several potential risks of consumer detriment, as set out in The Woolard Review into the unsecured credit market.
That is why on 2 February 2021, the Government announced its intention to regulate BNPL products in a proportionate manner.
The Government published a consultation on policy proposals for the regulation of BNPL on 21 October 2021, which closed on 6 January 2022.
The Government is now reviewing responses to this consultation and considering next steps and intends to publish a consultation response in the coming weeks.
Answered by
Treasury