Britain's financial watchdog has told firms offering 'buy now, pay later' loans to spell out the cost of late repayments to customers as the UK cost-of-living crisis intensifies
Companies like Klarna led the way in offering on-the-spot, interest-free, short-term loans to customers which spread repayments for buying goods like clothes over a few weeks.
The FCA told BNPL firms and the British Retail Consortium in letters published on Friday that benefits of 'buy now, pay later' were being emphasised in adverts without fair and prominent indications of any relevant risks. The watchdog said it would use criminal and regulatory enforcement powers to tackle promotions which breach its rules.
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