Major change to buy now, pay later coming as regulations plans are revealed
Ciizens Advice recently warned that nearly two in five BNPL shoppers have borrowed money in order to meet their repayments.The Treasury has today raised concerns that buy now, pay later doesn't offer the same protections to shoppers as other forms of borrowing.
It also wants to overhaul promotion rules to ensure BNPL adverts are "fair, clear and not misleading". "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 UK."The Government will publish a consultation on draft legislation later this year, and will lay out its plans by mid-2023.The Treasury said other short-term interest-free credit would also be covered by the rules - this includes loans to pay for dental work or furniture, for example.
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