The Wild West of Buy Now Pay Later Comes Under Scrutiny The latest round of regulations aimed at taming the Buy Now Pay Later (BNPL) industry has finally come into effect, bringing much needed scrutiny to a sector that has long been accused of operating with reckless abandon.
While proponents argue that these changes will increase consumer trust and confidence, critics warn that they may have unintended consequences.
The new rules require BNPL lenders to be authorized by the Financial Conduct Authority (FCA), similar to credit card providers and banks offering loans.