Correspondence

Government announces intention to regulate Buy-Now-Pay-Later

The government will legislate to bring currently unregulated, interest-free Buy-Now-Pay-Later into Financial Conduct Authority regulation.

• From: HM Treasury and The Rt Hon John Glen MP
• Published: 2 February 2021

This was published under the 2019 to 2022 Johnson Conservative government

Documents

Letter from Chris Woolard to Economic Secretary

PDF, 2.65 MB, 4 pages

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Letter from Chris Woolard to Economic Secretary

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Economic Secretary response to Chris Woolard

PDF, 88.8 KB, 2 pages

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Economic Secretary response to Chris Woolard

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Details

Exchange of letters: Former interim CEO of the Financial Conduct Authority (FCA), Chris Woolard, who has been leading a review into change and innovation in the unsecured credit market, has written to the Economic Secretary to the Treasury (EST) on 19 January 2021 outlining the recommendation that interest-free Buy-Now-Pay-Later products should be brought into FCA regulation. The EST responded on 28 January 2021 outlining that the government agrees with the recommendation and that legislation will be brought forward as soon as Parliamentary time allows.

Published 2 February 2021