New UK Regulations on 'Buy Now, Pay Later' Firms
Hey FinTech Fanatic!
The U.K. government will soon announce new regulations for "buy now, pay later" (BNPL) firms like Klarna and Afterpay, following repeated delays.
Tulip Siddiq, the new economic secretary to the U.K. Treasury, highlighted the need for regulation to protect consumers and provide sector certainty.
Initially proposed in 2021, these regulations faced setbacks due to political instability and industry lobbying.
BNPL plans allow consumers to make purchases and pay off the debt later, but varying service models and rising consumer debt have prompted calls for stricter oversight.
The Financial Conduct Authority may introduce regulations within two years.
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ARTICLE OF THE DAY
📲 What is BNPL?
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