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Sheila Warren: Crypto Risks Another Sam Bankman-Fried if U S Doesn t Provide Clear Regulation
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Rishi Sunak on his knees
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Sunak battles to get back on track
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Buy-now-pay-later firm Klarna first offered British shoppers the chance to put off payment at the checkout in 2014, when it launched in the UK.
Yet, seven years on, regulation is only now on the cards after five million people spent billions of pounds using the quick and easy loans last year.
Consumer campaigners have spent months calling for a crackdown amid fears shoppers were being encouraged to spend more than they could afford.
The Financial Conduct Authority is finally cracking down on buy-now-pay-later firms like Klarna which have proved highly popular with young shoppers in lockdown
And finally, the Financial Conduct Authority (FCA) yesterday announced plans to regulate the industry -but warned it could take months.