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

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 possible.