Is it time for Buy Now Pay Later to be regulated?
Maybe it already is

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It's unusual now for a week to go past without reports in the national press about campaigners calling for the Buy Now Pay Later sector to become FCA regulated. Around 70 MPs supported a proposed amendment to the Financial Services Bill to force the Treasury to widen the FCA's remit to capture the product - unsuccessfully, but showing the momentum for change is there.
But is it right to say the sector is outside of the regulatory perimeter today?   Asset Finance Policy's new paper sets out the case for why this sector is already caught by FCA regulation, building on my earlier blog. If confirmed, the implications for BNPL lenders, retailers and consumers are significant.
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New report profiles key players in consumer credit debt market

In recent years, two parts of the consumer debt purchase and debt collection market have diverged: collection of consumer credit, and collection of other types of consumer debt. Apex Insight's new report, with analysis from AFP's Julian Rose, focuses on the growing consumer credit side, identifying the leading firms in this highly regulated business.
The study includes profiles of the debt firms specialising in this sector, including Intrum, Arrow Global (Capquest), Cabot Credit Management (Wescot), Hoist Finance UK (Robinson Way), Paragon Bank (Idem Capital), Link Financial, GFKL Lowell, Max Recovery, Lantern, PRA Group, Arvato Financial Services, BPO Collections, Credit Resource Solutions (CRS), Debt Managers, Drydens (Drydens Fairfax), Moriarty Law, Perch Group (ACI), JC International (Creditlink Account Recovery Solutions), PRAC Financial, ResolveCall, SLL Capital and Moorcroft.

Based on consumer credit forums and other sources, the report also maps the debt firms to the sellers, identifying the types of consumer credit debt that different purchasers are focused on.

Click here to request details from Apex Insight

Retail Point of Sale Finance 2021

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In addition to most large retailers in retail sectors including furniture, leisure and jewellery, around 10,000 independent retailers, including online-only stores, currently offer POS finance. POS solutions are also becoming increasingly popular in service sectors including travel, home improvements and medical.

Apex Insight's latest annual review , with analysis from AFP's Julian Rose, identifies the latest trends and continues to track POS solutions offered by many of the largest retailers.

The report covers firms including Barclays Partner Finance, BNP Paribas (Creation), Hitachi Capital, Ikano Bank, PayPal Credit, Home Retail Group, Shop Direct (Argos), Deko (Pay4Later), V12,  Klarna, Divido, Conister Bank, Honeycomb, Lending Works, Omni and Paybreak.

Click here for details from Apex Insight

UK Non-Prime Consumer Finance market 

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Apex Insight's report, Non-Prime Consumer Credit: UK Market Insight, with analysis from AFP's Julian Rose, provides a detailed view of the UK market for consumer credit agreements with average fixed interest rates over 30% per year. It covers sectors including guarantor finance, high cost short term credit (payday lending), home-collected credit, instalment credit, motor finance, credit card and other revolving loans, pawnbroking, logbook loans and rent-to-own. New edition published November 2021

Click here to request details from Apex Insight

Used Car Retail Finance 

This report ​focuses on the UK market for secured consumer finance for used cars. It provides unique analysis of the market, split between finance sold by franchised dealers and independent dealers, and volumes that are handled by specialist brokers sitting between car dealers and finance companies. 

The latest report, published December 2020 finds that non-prime lenders continue to take market share from the more established firms, with some leading bank-owned players leaving the market.

Click here to request details from Apex Insight