The Bishop of Durham received the following written answer on 15th December 2022:
The Lord Bishop of Durham asked His Majesty’s Government whether they have any plans to increase regulation for unregulated digital Buy-Now-Pay-Later products; and if so, when they intend to introduce such measures.
Baroness Penn (Con): The Government has announced its intention to bring currently unregulated Buy-Now Pay-Later products into Financial Conduct Authority regulation. The Government published a consultation on a proposed proportionate approach to regulation in October 2021, and published a response to that consultation in June 2022.
The Government will publish a consultation on draft legislation soon.
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