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10.11 - 14:47
10.11 - 03:11
Consultation launched on regulating UK’s buy now, pay later credit industry
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Tighter regulation of the buy now, pay later credit industry is on the way, though the government has concluded there is “relatively limited evidence” of widespread consumer harm.
The comment, in a new document from the Treasury, could indicate that legislation will be less tough than some have called for, and may explain why leading buy now, pay later (BNPL) players, such as Klarna, Laybuy and Clearpay, were quick to welcome the long-awaited consultation on how the multibillion-pound industry should be policed.
The new form of credit is especially popular among shoppers under 30 and those with tight finances, who have welcomed the ability to delay payment, and it has taken off during the pandemic.
It allows customers to stagger payments for
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