The UK government has opened a long-awaited consultation into the "buy now, pay later" (BNPL) market, reports the Financial Times
(21 October, Venkataramakrishnan). London's review, which is due to close next January, comes 10 months after a report commissioned by the UK Financial Conduct Authority (FCA) called for "very urgent" intervention on the matter. Consumer credit regulations cover some BNPL providers, but market leaders like Klarna, Clearpay, and PayPal have so far avoided regulatory scrutiny due to an exemption designed for short-term invoice deferral. The government consultation will look at a range of issues, including assessing evidence of "consumer detriment," the way providers assess creditworthiness of clients, and how any increased regulation would impact smaller merchants.
From "United Kingdom Launches Review of 'Buy Now, Pay Later' Market"
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