Ministers are leaning towards delaying plans to bring companies such as the Klarna under the supervision of the City watchdog, Sky News learns.
The government has previously said that more stringent oversight of their products could protect as many as 10m Britons from"un constrained borrowing".
However, responses to the latter are said to have yielded warnings that legislation could trigger the withdrawal of interest-free BNPL products, with ministers concerned about the impact of such a move during Britain's cost-of-living crisis."One option is to look at this as part of work to update the Consumer Credit Act, which the Treasury announced last year," one insider said this weekend.
"Quite the opposite, they leave consumers confused and, ironically, push them towards expensive and higher-risk forms of credit. In May, Klarna launched what it described as Britain's first 'credit opt-out' product to give consumers greater control of their finances.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Man taken to hospital after Derby city centre assaultThe man, in his 50s, was left with a head injury, Derbyshire Police say.
Read more »
Glasgow Fair weekend weather as thunder and lightning set for cityThe Glasgow Fair is still considered a public holiday having been enjoyed for generations by locals. But the weather this weekend - and on Monday when the big day falls - isn't looking so lovely.
Read more »
Former Man City footballer Benjamin Mendy cleared of sex attacks on two women🔴 Ex-Manchester City footballer Benjamin Mendy has been found not guilty of sexually attacking two women
Read more »
Preston Bus reducing number of buses on seven city routes during summerThe 35 is one of the affected services by the summer reductions Pic: maljoe/Preston Flickr Group Preston Bus has announced reductions to seven services duri
Read more »
Are Men On And Just Like That And Sex And The City Completely Interchangeable?In this week's episode of And Just Like That, we are dropped head first into some old school Sex and the City mythology. Read more at Grazia.
Read more »
Ex-Manchester City star Benjamin Mendy weeps as he is cleared of rape after retrialEx-Manchester City star Benjamin Mendy weeps as he is cleared of rape and attempted rape
Read more »