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The National (Scotland)
The National (Scotland)
National
Jade Wright

Major buy now pay later changes start today – what every shopper needs to know

BNPL Clearpay Klarna FCA StepChange Debt Charity
New buy now pay later rules mean affordability checks, clearer information and stronger rights for Klarna, Clearpay and other BNPL customers. (Image: Getty Images)

MILLIONS of people using buy now pay later services such as Klarna and Clearpay are now covered by new legal protections after the sector came under Financial Conduct Authority (FCA) regulation.

The changes, which came into force on 15 July, mean lenders must carry out affordability checks before offering buy now pay later (BNPL) products, provide clearer information about repayments and give customers more support if they get into financial difficulty.

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