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UK outlines plans to tighten 'buy now pay later' rules

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23 Jun 2022

The UK government has announced plans to strengthen rules on 'buy now pay later' services, improving protection for users of the short-term credit.

The announcement is a response to a consultation that closed in January. It follows concerns raised around the model and consumer protection as the cost-of-living crisis deepens.

The government proposals, which will apply to other forms of short-term debt, will require lenders to carry out affordability checks on consumers and to be approved by the Financial Conduct Authority.

The plans will also amend financial promotion rules to ensure adverts are not misleading and allow consumers to take complaints to the Financial Ombudsman Service.

Economic Secretary to the Treasury, John Glen said: 'Buy now pay later can be a helpful way to manage your finances but we need to ensure that people can embrace new products and services with the appropriate protections in place.

'By holding buy now pay later to the high standards we expect of other loans and forms of credit, we are protecting consumers and fostering the safe growth of this innovative market in the UK.'

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01 Jul 2022

BCC warns of 'perfect storm' of increasing costs

The UK's businesses are facing a perfect storm of increasing costs and time is running out for the government to act, the British Chambers of Commerce (BCC) has warned.

30 Jun 2022

HMRC urges families to make use of Tax-Free Childcare scheme

HMRC is reminding families not to miss out on the financial support offered by its Tax-Free Childcare (TFC) scheme.

29 Jun 2022

Ombudsman calls for swift action for victims of 'authorised scams'

The Financial Ombudsman Service recently published its annual complaints data for the 2021/22 financial year and found that complaints about 'authorised scams' increased by a fifth.

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