Conor D’Arcy, Head of Research and Policy, Money and Mental Health
Submission to HM Treasury’s consultation on the regulation of buy now, pay later
6 January 2022
Money and Mental Health welcome the government’s commitment to regulating BNPL products. Our research shows that people with mental health problems are particularly at risk of worse outcomes when using BNPL products, due to the interactions between common symptoms of mental health problems and the low-friction, low-upfront-cost model that BNPL is based on. We believe that a broader approach to regulating these products is preferable when drawing the boundaries of legislation, accompanied by further research and monitoring of the impact on other forms of interest-free credit.