The FCA published the Woolard Review on the unsecured consumer credit market today. The report sets out 26 recommendations on how to make the market better in the future including:
- bringing BNPL into regulation
- more secure funding for the debt advice market
- sustainable forbearance throughout the pandemic recovery period
- encouraging more alternatives to high-cost credit
- increased focus on ensuring lenders continue to meet the needs of consumers throughout the product lifecycle.