Cards & Payments News Digests

Regulation looms as pressures grow on BNPL pioneers From London this week came details of much-anticipated proposals to tackle the pay-later loans business. If the plans are enacted by the British parliament as expected, the Financial Conduct Authority (FCA) will only permit Buy now, pay later loans from lenders it has approved. Any advertising encouraging and incentivising pay-later loans will be more closely scrutinised, while the lenders themselves will be mandated to undertake affordability checks and avoid the kind of stacked-loan scenarios that have become a source of anxiety in Britain as the cost-of-living crisis there intensifies. Consumer advocates are warning that the typical legislative... Read more >