Labour reportedly pledges action on BNPL credit

Coming in reports The Times – its final policy document, produced ahead of its conference in Liverpool – says it’ll “bring forward long overdue consumer protection regulation in areas like BNPL”. It follows a letter from shadow City minister Tulip Siddiq to the treasury last month that the government’s “failure to introduce regulation “has left millions at risk from bad actors.”

That came of the back of reports from Sky News in July that the Treasury was “leaning towards” kicking prospective BNPL rules – which would require lenders to credit check prospective borrowers and give users credit card-style protections – into the “long grass”, something the department has denied. It has, however, said any regulation must be “proportionate”.