The regulation of Buy Now Pay Later is a long time coming. In the meantime, lenders in this sector haven’t been making any contribution to the funding of debt advice. It's time for #BuyNowToPayNow

Following the Chancellor's Mansion House speech there have been calls for the FCA to review its creditworthiness and affordability rules. In this blog, we argue these regulations are not the reason why fewer low income households have been able to access credit in recent years. Those calling for a watering down of consumer protections are ignoring the wider context of the cost-of-living crisis which has made consumer credit less affordable.

The stock of outstanding consumer credit is at an all-time high. But relative to gross household incomes the ratio is falling. In this blog we take a deep dive into the data, highlighting why aggregate measures are misleading, and reporting on the shocking severity of the consumer credit debt burden being experienced by low income households.

A new report from Fair4All Finance argues there has been a severe decline in the availability of credit for lower income households, and that we should consider "regulatory adjustments" to address it. In our response, we argue that there is little evidence of a 'credit vacuum' and that now is not the time to embolden high-cost lenders who are trying to roll back the regulatory clock.

Following reports of a possible Government U-turn concerning the regulation of Buy Now Pay Later, we provide further details of the link to credit card debt and argue that should be subject to the same rules.

Reports that Government is considering a 'U-turn' with respect to the regulation of Buy Now Pay Later products indicates a willingness to sacrifice consumer protection for temporary economic growth. It would also make for a huge divergence between Britain and other jurisdictions, including the EU, who are proposing a tougher crack-down on what, essentially, is just another version of the credit card.

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