Mel Stride comments on review into unsecured credit

Wednesday 03 Feb 2021 @ 15:43
Parliamentary Committees and Public Enquiries

The Financial Conduct Authority (FCA) yesterday published a report on change and innovation in the unsecured consumer credit market following a Review by its former Interim Chief Executive, Christopher Woolard CBE.

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Treasury Committee

Chair's comments

Commenting on the announcement, Rt Hon. Mel Stride MP, Chair of the Treasury Committee, yesterday said:

“Many people buy into ‘buy now, pay later’ [BNPL] without fully understanding that it comes with risks as well as benefits

“In December I urged the Treasury and FCA to set out whether this type of credit should be subject to additional regulation.

“The Woolard Review published today into unsecured credit calls for BNPL to be brought into the regulatory perimeter urgently.

“I welcome the Government’s prompt and positive response to the Review. The Committee will monitor how the FCA and Treasury work together to prevent the significant potential for consumer harm.”

Further information

Channel website: http://www.parliament.uk/

Original article link: https://committees.parliament.uk/committee/158/treasury-committee/news/138950/mel-stride-comments-on-review-into-unsecured-credit/

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