City Of London
UK Announces Regulation of ‘Buy Now, Pay Later’ Lenders
- British lawmakers to impose rules on likes of Klarna, Clearpay
- Regulation aims to protect around 10 million consumers
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The UK is moving ahead with long-awaited plans to regulate “buy now, pay later” lenders.
Providers such as Klarna, Clearpay and PayPal Holdings Inc. will be required to give consumers key information about their loans and issue credit that is affordable, while users will have the right to take complaints to the Financial Ombudsman Service, according to a Treasury statement Monday.