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The UK financial regulator has said “buy now, pay later” credit deals offered by online retailers via fintech companies such as PayPal and Klarna must be covered by its rules “as a matter of urgency”, because of a “significant potential for consumer harm”. Usage of BNPL products nearly quadrupled in Britain last year, taking total lending to £2.7b — with 5m people taking advantage of them since the beginning of the coronavirus pandemic.
“Changes are urgently needed to bring BNPL into regulation to protect consumers, to ensure that there is secure provision of debt advice to help all those who may need it, and to maintain a sustained regulatory response to the pandemic,” he said when announcing his findings on Tuesday.
https://www.ft.com/content/2c9bd737-80a6-45d7-a7f3-bf672850b3bd
