UK plans to regulate Buy Now, Pay Later schemes in 2026 to protect consumers from debt risks.

UK plans to regulate Buy Now, Pay Later (BNPL) schemes, starting in 2026, aim to protect consumers from debt risks. New rules will require BNPL companies to conduct affordability checks and provide clear information about loans. The Financial Conduct Authority (FCA) will oversee these changes, which include consumer protections under the Consumer Credit Act. Martin Lewis, a financial expert, advises caution until the regulations are fully implemented.

October 17, 2024
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