Physical Address
304 North Cardinal St.
Dorchester Center, MA 02124
Be informed with free updates
Simply register UK Financial Adjustment Myft Digest – Delivered directly to your box.
They will have to comply with the same rules to the same rules as the same rules, which are fully regulated by the financial behavioral authority and the financial behavioral authority.
The British government will bring legislation on Monday, and for more than four years after planning to regulate the sector of the previous conservative leadership.
According to the rules, the lenders Clear ClearPay will be required to check the convenience of buyers before offering loans, and the borrowers will be able to complain to the financial ombudsman.
“These new rules will protect buyers from debt traps and provide confidence to ensure that the sector needs to grow, grow and create,” said Emma Reynolds, Economic Secretary Treasury
“Buy now, then pay for millions of shopping, but worked as a wild west for a very long time – consumers were exposed.”
The treasury and consumer loan credit act, which reflects how people today took today’s today, he said, “he said. Financial technology The industry has a long time complained that the 51-year-old regime and some disclosure requirements were not in the digital age.
Loans known as BNPL for “Buy Now Buy, Buy Later, allow consumers recognized in recent years, to ensure that consumers pay their payments in short-term parts. More than 10 mn people use the product in the UK for the treasury.
However, the sector remained unregulated, so far with providers required to conduct affordable inspections about potential users. Consumer groups have warned the risk of risking the risk of borrowers under the current regime.
Lisa Webb said that the consumer group said that the ministers are finally regulating the sector, but the government should “ensure more marketing transparency and information on the risks of credit verification.”
Founding of a total of about a quarter of a total of about a quarter of a loan in the UK, a quarter of about a quarter of a loan has been charged in December 2023.
Klarna, one of the leading providers, “Interest-free BNPPL is an important alternative to a highly valuable loan for Millions of Brit, and we supported the regulation to stay safe and accessible since 2020.”
He added that “It is good to see the progress of regulation and look forward to working with FCA on the rules to protect consumers and promote the innovation.”
The UK planned to consult the regulation of the sector in 2021 and consulting the idea in 2023 in 2023, but then postponed the implementation of the legislative project.
