IRRV Alert - week ending 5th February
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Mel Stride comments on review into unsecured credit (2 February 2021)
Mel Stride comments on review into unsecured credit
2 February 2021
The Financial Conduct Authority (FCA) has published a report on change and innovation in the unsecured consumer credit market following a Review by its former Interim Chief Executive, Christopher Woolard CBE.
Chair's comments
Commenting on the announcement, Rt Hon. Mel Stride MP, Chair of the Treasury Committee, said:
“Many people buy into ‘buy now, pay later’ [BNPL] without fully understanding that it comes with risks as well as benefits
“In December I urged the Treasury and FCA to set out whether this type of credit should be subject to additional regulation.
“The Woolard Review published today into unsecured credit calls for BNPL to be brought into the regulatory perimeter urgently.
“I welcome the Government’s prompt and positive response to the Review. The Committee will monitor how the FCA and Treasury work together to prevent the significant potential for consumer harm.”
Further information