google-site-verification: googlebc47d07320294fb4.html

Buy-Now Pay-Later Firms to Face New Legislation

Reading Time: 2 mins

Buy-now pay-later firms to face new legislation.

The government has announced eagerly awaited plans to regulation ‘buy-now pay-later’ (BNPL) companies. BNPL allows consumers to buy goods and services and pay for them later in instalments. These are typically interest free instalments, which appeals to many shoppers. 

However, there are concerns about people falling into debt when using these schemes, particularly as the cost-of-living crisis rattles on. Users of BNPL firms are not entitled to breathing space if they cannot repay their instalments. Similarly, they are not entitled to compensation, should anything go wrong.  

The Treasury has said up to 10 million people would be protected from potential financial harm as the result of the new measures.  

In a bid to stop unconstrained borrowing, lenders will now have to do more thorough checks on borrowers. These include more in-depth affordability checks and offer clearer information on loans. Customers will also have the power to make complaints about BNPL firms to the Financial Ombudsman. 

BNPL has soared in popularity in recent years, however they have remained largely unregulated. The government first proposed regulation to BNPL back in 2021, and it has been long-awaited legislation. 

New rules for bnpl

Under the new legislation plans, the Financial Conduct Authority (FCA) will be given powers to clamp down on firms who break rules. Previously, the FCA have had to rely on consumer rights laws in the absence of specific legislation when BNPL firms have not followed specific rules or are deemed to have treated customers unfairly. 

The new rules will also mean firms must be licensed by the FCA. Tougher advertising rules would also come into place, and the FCA will also have the power to ban companies from further lending should they break the rules. 

The new laws are expected to come into force before the end of the year. 

The post Buy-Now Pay-Later Firms to Face New Legislation appeared first on MoneyMagpie.

Original source: https://www.moneymagpie.com/make-money/buy-now-pay-later-firms-to-face-new-legislation

39 thoughts on “Buy-Now Pay-Later Firms to Face New Legislation”

  1. подработка в спб на три дня профилактическая
    работа с ребенком уходящим из дома воспитательная работа в домах творчества подработка
    на выходные в туле вакансии

  2. I really like what you guys are up too. This type of clever
    work and exposure! Keep up the fantastic works guys I’ve included you guys to blogroll.

  3. снится большой пушистый кот молитва солдату на войне от девушки дима билан его знак зодиака
    старые народные приметы, приметы правдивые к чему снится печь блинчики

  8. I’ve been surfing online more than 4 hours today, yet I never found any interesting article like yours.
    It’s pretty worth enough for me. In my view, if all website owners and bloggers made good content as you did, the internet will be a lot more useful than ever before.

  9. Have you ever thought about adding a little bit more than just your articles?
    I mean, what you say is important and everything. Nevertheless just imagine if you
    added some great pictures or videos to give your posts more, “pop”!
    Your content is excellent but with pics and clips,
    this blog could undeniably be one of the greatest in its field.

    Terrific blog!

  10. Great goods from you, man. I’ve understand your stuff previous to and you are just too wonderful.
    I really like what you have acquired here, certainly like what
    you’re stating and the way in which you say it.
    You make it enjoyable and you still care for
    to keep it sensible. I can not wait to read far more from you.

    This is really a terrific site.

  11. You really make it appear really easy together with your presentation however I in finding this
    matter to be actually something that I feel I would by no
    means understand. It sort of feels too complex and extremely broad for me.
    I’m having a look ahead to your subsequent post,
    I will attempt to get the grasp of it!

  14. Greetings! This is my first visit to your blog!
    We are a collection of volunteers and starting a new project in a community
    in the same niche. Your blog provided us useful information to work on. You have done a marvellous job!

  15. Write more, thats all I have to say. Literally, it seems as though you relied on the video to make your point.
    You clearly know what youre talking about, why
    waste your intelligence on just posting videos
    to your site when you could be giving us something enlightening to read?

  16. Hello there! This post could not be written any better! Reading through this post reminds me of my old room mate!

    He always kept talking about this. I will forward this write-up
    to him. Fairly certain he will have a good read.
    Thank you for sharing!

  17. I blog frequently and I seriously appreciate your content. This great article has truly peaked my interest.
    I’m going to bookmark your site and keep checking for new information about once per week.

    I subscribed to your RSS feed as well.

  18. Unquestionably believe that that you said. Your favourite reason seemed to be on the
    net the easiest factor to bear in mind of. I say to
    you, I certainly get annoyed whilst people think about worries that they just don’t recognize about.
    You controlled to hit the nail upon the highest and defined out the entire thing
    with no need side effect , folks can take a signal.
    Will likely be again to get more. Thank you

  19. Have you ever considered writing an ebook or guest authoring on other websites?

    I have a blog based upon on the same information you discuss and would
    love to have you share some stories/information. I know my visitors would enjoy your work.
    If you are even remotely interested, feel free to send me an e-mail.

  20. Greetings from Ohio! I’m bored to tears at work
    so I decided to browse your blog on my iphone
    during lunch break. I love the information you provide here
    and can’t wait to take a look when I get home. I’m amazed at how fast your blog loaded
    on my phone .. I’m not even using WIFI, just 3G
    .. Anyhow, awesome site!

  23. Simply desire to say your article is as astonishing. The clearness
    in your post is simply cool and i can assume you are
    an expert on this subject. Fine with your permission let me to grab your feed
    to keep updated with forthcoming post. Thanks a million and please
    keep up the gratifying work.

  24. You could certainly see your skills in the article you write.
    The sector hopes for even more passionate writers like you who aren’t afraid to say how they believe.
    Always go after your heart.

  25. constantly i used to read smaller content that also clear their motive,
    and that is also happening with this piece of writing which I
    am reading now.

  26. Please let me know if you’re looking for a author for your blog.

    You have some really great posts and I feel I would
    be a good asset. If you ever want to take some of the load off, I’d
    absolutely love to write some articles for your blog in exchange for a link back to
    mine. Please send me an email if interested.

    Thank you!

  28. Valuable info. Fortunate me I discovered your website unintentionally, and I
    am shocked why this twist of fate did not happened in advance!
    I bookmarked it.

  29. It’s in reality a great and helpful piece of info. I’m glad that you shared this useful information with us.

    Please stay us informed like this. Thank you for sharing.

  30. Hmm it looks like your blog ate my first comment
    (it was super long) so I guess I’ll just sum it up what I wrote and say,
    I’m thoroughly enjoying your blog. I as well am
    an aspiring blog blogger but I’m still new to everything.
    Do you have any suggestions for rookie blog writers?

    I’d certainly appreciate it.

  31. Excellent weblog right here! Additionally your web site lots up fast!
    What web host are you the usage of? Can I am getting your
    associate link on your host? I want my web site loaded up as quickly as yours
    lol

Comments are closed.

+ +