Buy Now Pay Later rules to bring refunds and rejections

New regulations are being introduced for Buy Now Pay Later lenders, who now require formal authorisation to operate. These rules aim to enhance consumer protection by introducing standardised processes for refunds and rejections. While the government planned this crackdown following an industry review into financial risks, providers are welcoming the changes. This regulatory shift is expected to reshape the £3bn market, addressing the risks associated with the ease of accessing these credit services.