Responding to the FCA’s publication of The Woolard Review on regulation in the unsecured consumer credit market, Philippa Kelly, ICAEW Technical Strategy Director, said:
“It’s positive that the FCA’s review has recognised the urgent need to regulate more of the Buy Now Pay Later industry. These services can be confusing for customers and lead to unexpected debts, and more regulation should offer some protection.
“Although Buy Now Pay Later is not the same as buying or using credit, more education about these schemes will help people understand the similarities, so they do not end up spending a lot more than they had planned.”
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