Gov't Outlines Plans For More 'Buy Now, Pay Later' Regulation
By Dawood Fakhir (June 20, 2022, 2:40 PM BST) -- Britain's financial watchdog set out on Monday its policy to bring the interest-free "buy now, pay later" market under its regulation to protect consumers from harm after the products grew in popularity during the COVID-19 pandemic.
The Financial Conduct Authority said it will expand the scope of the regulations governing the unregulated credit market sector, sometimes called buy now, pay later or BNPL, to cover other customer-to-merchant agreements of similar nature.
BNPL lending involves short-term loans that are interest-free and allow payment for retail goods, such as clothes and electrical products, to be spread over a fixed period. Use of such lending...
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