Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps she is taking to help protect consumers using buy-now pay-later products.

On 17 October, the government published a consultation on regulating Buy-Now, Pay-Later (BNPL) products and enhancing users’ protections. The proposals will require BNPL firms to conduct affordability checks to prevent unaffordable borrowing and provide clear information to consumers. Users will gain rights under Section 75 of the Consumer Credit Act and have access to the Financial Ombudsman Service, making it easier to obtain refunds and redress if something goes wrong.