FCA secures contract changes for buy-now pay-later customers
Regulatory Updates | 16/02/22
The FCA has secured changes to potentially unfair and unclear terms in the contracts of Clearpay, Klarna, Laybuy and Openpay. The FCA was concerned there was a potential risk of harm to consumers as a result of the way some of the firm’s terms were drafted.
As a result of this work, the firms have agreed to change terms in their consumer contracts to make them fairer, easier for consumers to understand and to better reflect how they use them in practice.