GFY is on a mission to provide class financial news and education for the 99%. We also recognise that this can only go so far. We need to change things. Campaigning is at the heart of what we do.
TLDR: In the midst of lockdown v1, we launched a campaign calling for BuyNowPayLater products to be regulated. In January 2021 (after a close call with Klarna's friendly lawyers 🙃) the FCA publish the Woolard Review which concluded that the FCA should bring BNPL products under their remit. Win 🥳
We launched the #regulateBuyNowPayLater campaign in June of last year calling for three things:
1) For the ASA to better regulate the promotion of BNPL products
✅ In September 2020 they published their BNPL guidelines
2) For retailers to take responsibility - The social media meets BNPL sector was like wild-west back in 2019. 'No money no problems' was a highlight...
✅ Thankfully things have got better. I worked closely with ASOS to produce the campaign's best practice which they signed up to in Decemeber 2020.
3) The big one - for the FCA to regulate these products like any other form of credit.
✅ The Woolard Review concluded in favour of the campaign's objectives. This one is a work in progress but regulation is coming.