FCA Rules On 'Buy Now, Pay Later' Go Live

Law360, London (November 12, 2019, 5:21 PM GMT) -- U.K. regulation on the “buy now, pay later” credit sector came into force Tuesday, with the Financial Conduct Authority expecting the new rules to save consumers up to £60 million ($77 million) a year.

The measures, announced in June, will reform the way customers are charged interest on finance arranged at the point of sale, or through store cards.

In addition, providers of buy now, pay later offers will be required to disclose to customers how much interest they will be charged if the offer is not repaid during a certain time.

“We expect the overall package of measures will save...

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