Huge crackdown on buy now, pay later firms like Klarna as Brits blow £2.7bn in a year
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mirror.co.ukThe UK's financial watchdog is to introduce tougher controls against buy, now pay later firms that critics argue are luring people into debt.
The Financial Conduct Authority (FCA) said new measures will be introduced to better protect customers amid a boom in firms such as Lay Buy and Klarna that let consumers purchase items without the need for any upfront payment.
By December 2020, households had nearly £250billion of outstanding consumer credit debt, the FCA said. Moreover, the use of buy, now pay later providers nearly quadrupled in 2020 and is now at £2.7billion, with 5million people using these products since the beginning of the coronavirus pandemic.
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