Money Advice Trust welcomes plans for Buy Now Pay Later regulation

The Money Advice Trust has today welcomed plans to bring Buy Now Pay Later firms under Financial Conduct Authority (FCA) regulation, and has urged the Government to bring forward legislation as soon as possible.

Jane Tully, director of external affairs and partnerships at the Money Advice Trust, the charity that runs National Debtline and Business Debtline, said: “The government is right to bring Buy Now Pay Later products under FCA regulation, and it is now vital that legislation is brought forward as soon as possible.

“As the popularity of Buy Now Pay Later has grown, it is crucial that these firms are held to the same standards as those offering other forms of credit, including properly assessing whether customers can afford to repay in the first place.

“Anyone worried about their finances should seek free debt advice from a service like National Debtline as soon as possible.”