The U.K. government is looking to reign in buy now, pay later (BNPL) services in an effort to prevent consumers from racking up too much debt while they deal with soaring cost of living.

The government’s proposal will require BNPL service providers to perform affordability checks to ensure that the installment payments are within borrowers’ reach and that their advertisements are not misleading in any shape or form.

Service providers must also have approval from the country’s Financial Conduct Authority (FCA). Meanwhile, consumers will have the option to file a complaint with Financial Ombudsman Service.

“BNPL can be a helpful way to manage your finances but we need to ensure that people can embrace new products and services with the appropriate protections in place,” said John Glen, economic secretary to the treasury.

“By holding BNPL to the high standards we expect of other loans and forms of credit, we are protecting consumers and fostering the safe growth of this innovative market in the U.K.,” he added.

As a next step, the country’s government plans to issue a draft legislation by the end of 2022 and a secondary legislation by mid-next year, FashionUnited reported.