The Treasury’s long-awaited consultation into the buy now, pay later market is set to arrive as soon as next week, kicking off the UK’s crackdown on easy-access credit.

The consultation, which has been promised since the Financial Conduct Authority published a review into the sector by former director Chris Woolard in February, is expected to be outlined before the end of this month to coincide with the government’s Budget on 27 October, according to two people familiar with the matter.