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ARTICLE · 06 OCTOBER 2020

FCA Launches Review Into The Unsecured Credit Market

Charles Russell Speechlys LLP
Charles Russell Speechlys LLP
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Charles Russell Speechlys LLP

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With many people shopping away their lockdown blues, it has been reported that "Buy Now Pay Later" (BNPL) FinTechs have experienced an increase in revenues since the onset of Covid.

United KingdomTechnology
Jessica Arrol
Jessica Arrol

With many people shopping away their lockdown blues, it has been reported that "Buy Now Pay Later" (BNPL) FinTechs have experienced an increase in revenues since the onset of Covid.

Further, the Financial Conduct Authority's interim chief executive Christopher Woolard has explained that the FCA has seen an "extensive shift to [BNPL] products", that due to their business model largely remain outside of the FCA's jurisdiction.

The Financial Conduct Authority announced on 16 September that it is launching an inquiry (lead by Christopher Woolard) into BNPL companies as it investigates lending practices in the unsecured credit market.

The FCA states in its press release:

The Review will concentrate on how regulation can better support a healthy unsecured lending market. It will take into account the impact of the coronavirus on employment security and credit scores, changes in business models and new developments in unsecured lending including the growth of

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