Merlyn Holkar, Senior Research Officer, Money and Mental Health
Response to the FCA’s call for input on the review into change and innovation in the unsecured credit market
1 December 2020
Read our submission to the FCA’s call for input on the review into change and innovation in the unsecured credit market. In discussing unregulated products, we focus on ‘buy now, pay later’ options within retail due to its wide use and the potential for harm. The response highlights that common symptoms of mental health problems mean that people with mental health problems are more likely to experience problems using unsecured credit products. However, some ‘buy now, pay later’ products currently fall outside of the regulatory perimeter, which creates a gap in consumer protection that exposes people to harm and undermines the FCA’s aim of similar outcomes.