Woolard Review: Money Advice Trust responds

Industry News | 11/12/20

“…we have concerns that buy-now-pay later products could encourage irresponsible lending, especially as they are increasingly being presented by retailers as the default way to buy online, which means customers aren’t always making a deliberate decision to buy on credit. Similarly, on salary advance schemes, we share the FCA’s concerns regarding the lack of transparency around the costs and the potential to make repeated withdrawals to make ends meet. There is a strong case for both of these forms of products to come under FCA regulation…”