Government officers clamping down on ‘buy now, pay later’ market

Government officers are clamping down on the ‘buy now, pay later’ market with contemporary rules. 

The transfer comes because the UK’s BNPL trade, estimated to be value £6billion, continues to develop. 

It has thus far been unregulated, sparking considerations about customers being inspired to pay with cash they don’t have, pushing them into debt. 

The Treasury is introducing its first formal batch of guidelines particular to the sector’s interest-free credit score preparations. 

Lenders will probably be required to make sure loans are inexpensive for customers, whereas ads should be honest, clear and never deceptive. 

Following the announcement, the financial secretary to the Treasury John Glen stated: ‘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.’