UK cost-of-living crisis prompts warning to 'buy now, pay later' lenders

Summary by Ground News

Britain's financial watchdog has told firms offering 'buy now, pay later' loans to spell out the cost of late repayments. BNPL loans are unregulated in Britain, but the Financial Conduct Authority has powers to intervene in how they are advertised. Money is becoming tighter for many consumers faced with rocketing energy tariffs and 40-year high inflation pushing up food prices.

1 month ago·London, United Kingdom

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BBC News

Buy now, pay later: Warning over influencers' adverts on social media

Financial regulator says some adverts posted by influencers fail to highlight risks of borrowing.

1 month ago·United Kingdom

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Reuters

UK cost-of-living crisis prompts warning to 'buy now, pay later' lenders

By Huw Jones LONDON - Britain's financial watchdog has told firms offering 'buy now, pay later' loans to spell out the cost of late repayments to customers as the UK cost-of-living crisis intensifies. Companies like Klarna led the way in offering on-the-spot, interest-free, short-term loans to customers which spread repayments for buying goods like clothes over a few weeks. Lenders

1 month ago·United Kingdom

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The Guardian

Buy now, pay later firms in UK warned over influencer ads on social media

Financial Conduct Authority will take action if posts do not inform consumers of debt risksThe city watchdog has informed buy now, pay later firms such as Klarna and Clearpay that it has seen online ads and posts by social media influencers that break rules by not warning of risks such as taking on unaffordable debt.The Financial Conduct Authority (FCA) has written to companies in the multibillion-pound buy now, pay later (BNPL) sector promising…

1 month ago·London, United Kingdom

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