Which? responds to reports that the Treasury is considering shelving plans to regulate the Buy Now Pay Later industry

Rocio Concha, Which? Director of Policy and Advocacy said:

“It is incredibly concerning to hear the Treasury is considering shelving its plans to regulate the Buy Now Pay Later (BNPL) industry - especially as more people may be using credit options to make ends meet during the cost of living crisis.

“BNPL options appear at many online checkouts, but our research shows that many users do not realise they are taking on debt or consider the prospect of missing payments, so the government’s new rules and legislation proposed earlier this year were seen as an important step.

“The government must not delay plans to introduce changes to the industry and ensure that consumers are given stronger safeguards to protect them and warn about the risks of using BNPL schemes. This needs to include greater marketing transparency and information about the risks of missed payments and credit checks before consumers are cleared to use BNPL providers.”

ENDS