Question to the HM Treasury:
What steps his Department is taking to help ensure that buy now pay later lenders comply with guidance set out by the (a) Financial Conduct Authority and (b) Advertising Standards Agency.
Where a buy now pay later lender is offering a regulated credit agreement, it must be authorised and regulated by the Financial Conduct Authority. Where an authorised firm breaches FCA rules and guidance, the FCA is able to take action against them.
Where a firm breaks the UK Advertising Codes, the Advertising Standards Authority is able to ban those advertisements.