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Commercial Awareness Compass

The future of buy-now-pay-later schemes

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Henry Nelson Case

Henry is a 5 year qualified commercial lawyer with experience on a whole host of commercial contracts, having gained exposure to a diverse range of work through both working in-house and in private practice. Alongside working as lawyer, Henry also creates content on social media – where he strives to promote the importance of mental health and wellbeing in the workplace and challenges toxic corporate behaviours.

Published Thu, 14 Aug

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The Financial Conduct Authority has announced plans to bring the UK’s £13 billion buy now, pay later market under its regulatory umbrella. Firms such as Klarna, which let consumers split purchases into interest-free instalments, will face mandatory affordability checks, rules on creditworthiness and access to the Financial Ombudsman. These changes arrive amid concerns that young people are stacking short-term loans without proper safeguards.

Contracts, compliance frameworks and consumer journeys will all need overhauling to meet FCA standards. Will lenders still offer 0% financing for small sums? How will retailers adapt if credit approvals slow at checkout? And what new disputes might land before the Ombudsman?

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