Debt charities welcomed government plans to give the UK’s main financial watchdog sweeping powers to rein in the “buy now, pay later” sector but urged ministers to accelerate the legislation adoption to protect customers from the short-term credit products.
Under draft proposals published on Tuesday, the Financial Conduct Authority will be able to penalise companies that fail to conduct adequate credit checks, ranging from fines to a ban on further lending. The government, which will consult on the plans, said it aimed to put legislation before parliament later this year.
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