Dame Clare Moriarty, Chief Executive of Citizens Advice, responds to the Treasury announcement on BNPL
“The Buy Now Pay Later sector continues to grow at a meteoric rate, but it could now remain unregulated for years.
“Every day spent waiting for regulation is yet another day that shoppers are left unprotected and ill informed. We’ve seen a shopper threatened with debt collectors after splitting the payment of a t-shirt and, more recently, a worrying two in five BNPL customers borrowing money to make repayments.
“The government’s proposed rules will provide vital protection to many, but it must turbo-charge these plans.”