Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment the Government has made of the risks to consumers of buy-now-pay later products.

The Woolard Review into the unsecured credit market found several potential harms from interest-free buy now pay later products. The Government recognises those risks. That is why on 2 February the Government announced its intention to regulate Buy Now Pay Later products. On 17 March, the Government tabled an amendment to the Financial Services Bill to allow the Government to bring Buy Now Pay Later products into the scope of FCA regulation in a proportionate way.