More business-friendly (de)regulation from the Financial Conduct Authority:
after lobbying the Buy-Now-Pay-Later sector will not have to reveal to prospective borrowers:
* their withdrawal & cancellation rights;
* their right to complain to the financial ombudsman; nor,
* the lender’s ability to take money from their account.
all three which BNPL lenders argued were irrelevant details not required by borrowers... yeah, right.
More regulatory capture!
#BNPL #regulation #politics
h/t FT