The buy now, pay later industry is set for a £3bn clampdown as firms like Klarna and Zilch enter the guardrails of the City watchdog.
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BNPL lenders such as Klarna and Clearpay will fall under the Financial Conduct Authority’s (FCA) regulation for the first time
Buy now, pay later allows people to spread the cost of purchases, normally interest-free, over a set period of time
One in five people are estimated to use BNPL - but it’s important to treat even small amounts of borrowing like a loan
Almost 11 million shoppers used BNPL services in the 12 months to May 2024
From July 15, Buy Now Pay Later (BNPL) products will be subject to a new regulatory regime.
Millions of shoppers who use lenders are set to benefit from new rules this month
