The UK Government has released draft legislation to clamp down on the booming buy now pay later (BNPL) sector, in an effort to protect consumers from potential harm.
The draft legislation comes over two years after the Government originally revealed its plans to regulate the industry and is still subject to consultation and parliamentary approval. It is estimated that the new rules will take months to be enforced.
The finance ministry announced the eight-week consultation on Tuesday, estimating that the new regulations would protect roughly 10 million consumers.
