Buy Now Pay Later rules to bring refunds and rejections

Why This Matters

The introduction of authorisation requirements for Buy Now Pay Later lenders marks a significant shift in consumer protection, as it will enable regulators to monitor and enforce compliance with industry standards. This development is particularly noteworthy given the growing popularity of Buy Now Pay Later services, which have been linked to rising levels of debt and financial distress among consumers. As a result, this new regulatory framework is likely to have far-reaching implications for the financial well-being of millions of consumers.