Regulation in the world of finance prevents hostile behaviour, both on the fringe of what the law allows and beyond. The fairness element protects vulnerable people from taking on loan commitments they cannot afford, whilst helping lenders to assess creditworthiness fairly through the sharing of data (which already happens between regulated lenders), writes Tom Levitt. It is therefore worrying to hear rumours that the Government is considering rolling back on proposals to properly regulate Buy Now, Pay Later (BNPL) finance.
Among other things, it showed that every £1 lent to customers of our ‘core’ products in 2022 created health and wellbeing outcomes worth £16.68 for financially-excluded households. Read the full report here, or a summary of it on Fair for You’s LinkedIn page.
Findings included a 92% decrease in food bank use, an 80% deduction in loan shark use, and improvements in financial stability, for customers using the Iceland Food Club, which was then in a pilot phase. These findings helped make the case for the national rollout of the scheme. Read the full report here.