YES

GARY ROHLOFF

NOT ALL Buy Now Pay Later (BNPL) firms are born equal. When Laybuy entered the UK market a few years back, there were only a handful of these companies. Fast forward three years and there is a new entrant or a bank getting in on the act every week. To me, that's no bad thing as it proves the use of Buy Now, Pay Later. As announced yesterday, regulation is the next step and we have always supported the principle. Clearly, as more companies enter the market we need a proportionate regime that raises standards across the board. Let's not forget that this is a credit product. Just because we use words like innovation, it doesn't mean we can put forward a softer approach to regulation. Our research shows consumers want it. I don't disagree. Let's create high standards right across the board Gary is the MD of Laybuy

NO MORGAN SCHONDELMEIER

BNPL schemes are a popular feature online. They allow shoppers to spread the cost of purchases across many months, often interest-free. They're a useful tool for millions of people who use deferred payment schemes responsibly and infrequently, perhaps to spread out the costs of several Christmas presents or to offset an emergency purchase. People who use these schemes irresponsibly can end up in debt. Predictably, providers are blamed. Yes, there should be ways to fight fraud and providers should be in touch with credit reference agencies to ensure consumers are not spending beyond their means. New regulation is unnecessary to protect consumers. It could also undermine these services. Regulating away services that enable us to flexibly spend our money would be a great loss. Morgan is from the ASI

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