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Government officials are cracking down on the “buy now, pay later” market

Government officials crack down on the buy-now-pay-later market with new regulations

Government officials crack down on the buy-now-pay-later market with new regulations.

The move comes as Britain’s BNPL industry, estimated to be worth £6 billion, continues to grow.

Crackdown: Lenders must ensure that consumers can afford credit, while advertising must be fair, clear and not misleading

Until now, it has been unregulated, raising concerns that consumers are being encouraged to pay with money they don’t have, leaving them in debt.

The Treasury introduces its first formal rulebook specific to the sector’s interest-free lending arrangements.

Lenders must ensure loans are affordable for consumers, while advertising must be fair, clear and not misleading.

Following the announcement, Treasury Secretary John Glen said: “Buy now, pay later can be a helpful way to manage your finances, but we need to make sure people can embrace new products and services with the appropriate safeguards in place.”

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Government officials are cracking down on the “buy now, pay later” market

Source link Government officials are cracking down on the “buy now, pay later” market

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