LINKS ¦ Reading this week

  • Government to regulate BNPL firms by 2026 The UK government has announced plans to regulate Buy Now, Pay Later services by 2026 to protect consumers from mounting debt read more.
  • 13% of millennials plan to put Christmas on credit A significant portion of millennials intend to use BNPL services for Christmas purchases this year read more.
  • BNPL use grows rapidly among Gen Z and families Gen Z and families are seeing increasing reliance on BNPL services, reflecting a broader trend in credit use read more.
  • RSM UK urges BNPL providers to act now RSM UK advises BNPL companies to implement protective measures ahead of formal regulation read more.
  • BNPL app downloads continue to rise Consumer adoption of BNPL apps has surged, with monthly active users increasing significantly read more.
  • Citizens Advice reports a spike in BNPL-related debt The number of people seeking debt advice related to BNPL services has more than doubled compared to 2022 read more.
  • Financial Conduct Authority to introduce affordability checks The FCA will mandate affordability checks for BNPL services to ensure consumers can manage payments read more.
  • Lenders must provide clear loan terms New regulations will require BNPL lenders to give consumers clear, accessible information before any loan agreement read more.
  • Unauthorised merchants’ financial promotions to be regulated Financial promotions by unauthorised merchants will need approval from authorised firms under new rules read more.
  • Zoe Morton calls BNPL regulation long overdue RSM UK’s Risk Assurance Director stresses that the BNPL industry needs regulation now, not later read more.
  • BNPL debt risk exacerbated by cost of living crisis The rising cost of living is pushing more consumers to rely on BNPL services, increasing the risk of debt read more.
  • Retailers must prepare for new consumer rights Retailers will need to adjust to new regulations, including enhanced consumer rights for returns and faulty goods read more.
  • Gen Z and millennials most at risk of BNPL debt Younger consumers are among the most vulnerable to accumulating debt through BNPL services read more.
  • BNPL services become critical for Christmas shopping BNPL is increasingly being used by consumers to finance large seasonal purchases like Christmas gifts read more.
  • Retailers must be aware of upcoming BNPL regulations As BNPL becomes a prominent payment option, retailers need to stay informed on new legal requirements read more.
  • BNPL user base grows 2.7% in one year Monthly active users of BNPL services increased from 8.4% to 11.1% within a year read more.
  • BNPL debt counselling demand surges in 2024 Citizens Advice reports an alarming rise in demand for debt counselling related to BNPL debts read more.
  • Jacqui Baker warns retailers of consumer trends RSM UK’s retail head highlights that Christmas and other key spending periods see increased use of BNPL services read more.
  • BNPL becomes a lifeline for families amid financial strain Families are turning to BNPL services to manage everyday expenses, raising concerns about long-term debt read more.
  • Retailers urged to implement BNPL protections before regulations Retailers should act pre-emptively by putting customer protections in place before formal regulations come into effect read more.
  • BNPL services pose growing risk in cost of living crisis Rising costs of living are driving consumers to use BNPL services, increasing the risk of falling into debt read more.
See also  LINKS ¦ Stories this week

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