Credit

(asked on 15th September 2020) - View Source

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.


Answered by
John Glen Portrait
John Glen
Paymaster General and Minister for the Cabinet Office
This question was answered on 15th September 2020

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.

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