Buy Now Pay Later regulation: What will it mean for consumers?

Industry News | 04/02/21

Borrowers of Britain’s booming £2.7billion ‘buy now, pay later’ industry will soon be able to complain to the Financial Ombudsman Service after it was announced lenders would be regulated under new government plans.

It comes as regulators warn there was an ‘urgent need’ to protect shoppers from ‘a number of potential harms’, including the possibility of easily racking up thousands of pounds in debt and spending more money than they could afford.

Source: ThisIsMoney