Advertisements must be fair, clear and not misleading.Borrowers will be be able to take complaints about BNPL schemes to the Financial Ombudsman Service.
In a statement accompanying the proposals, Economic Secretary to the Treasury, John Glen said: "We are protecting consumers and fostering the safe growth of this innovative market in the UK." Alex Marsh, Head of Klarna UK, said he welcomed the new rules - telling the BBC the company already checked customers could afford to pay - and called for them to be brought in sooner.
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