Pat McFadden commenting on the FCA review into unsecured credit

“We welcome this review and Chris Woolard’s conclusion that the Buy Now Pay Later sector should be properly regulated.

“The credit market has exploded in recent years and those using it must have access to good consumer protection.

“Labour has supported amendments to the Financial Services Bill to bring about better regulation, which the Tories voted against. As the popularity of the credit industry continues to increase and with the pandemic changing the way we shop, the Government needs to stop dragging its feet and make sure better protections are put in place.”

Ends

Notes to editors:

• Further information on the FCA review can be found here:
  https://www.fca.org.uk/news/press-releases/fca-publishes-woolard-review-unsecured-credit-market