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FCA WARNS BUY NOW, PAY LATER COMPANIES AGAINST MISLEADING ADS
Watchdog tells fast-growing consumer credit sector it must ensure customers can
afford the loans on offer
The FCA said it had seen ads that did not advise customers about the risks of
taking on unaffordable levels of debt and the consequences of missed payments ©
Tolga Akmen/FT
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Siddharth Venkataramakrishnan and Joshua Oliver in London
4 hours ago
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services news every morning.
The UK financial regulator has warned businesses that offer buy now, pay later
products against using misleading advertising, saying they must comply with
financial promotion rules.
“Unauthorised firms might be committing a criminal offence if they do not have
an FCA-authorised firm approve their financial promotions,” the Financial
Conduct Authority said on Friday.
“Authorised firms selling unregulated or exempt BNPL products must comply with
the relevant rules unless an exemption applies. This includes that their BNPL
financial promotions must be clear, fair and not misleading.”
The statement highlights the growing concerns facing the fast-growing consumer
credit sector, popularised by companies such as Sweden’s Klarna, formerly
Europe’s most valuable private fintech group.
Buy now, pay later allows users to defer or split payments into instalments,
without charging interest if payments are made on time. Some companies have also
done away with late fees in the UK, including Klarna.
The FCA said it had seen ads, including posts by social media influencers, that
promoted the short-term credit without warning about the risks, such as taking
on unaffordable levels of debt and the consequences of missed payments.
The sector was a beneficiary of the ecommerce boom early in the pandemic but
there are questions around how well providers ensure customers can afford the
loans they offer, and whether they encourage unnecessary spending.
These fears have been heightened by the cost of living crisis. Half of those
with buy now, pay later loans in the UK find it hard to keep up with household
bills and credit repayments, according to polling commissioned by debt advice
charity StepChange, compared with a general average of 30 per cent.
“Firms need to ensure consumers, particularly those in vulnerable circumstances,
are equipped with the right information at the right time, so they can make
effective, timely and properly informed decisions,” said Sheldon Mills, FCA
executive director of consumers and competition.
Regulators have previously criticised providers’ advertising. In December 2020,
the Advertising Standards Agency banned several of Klarna’s advertisements on
the grounds that they “irresponsibly encouraged the use of credit to improve
people’s mood”, and introduced guidelines requiring all providers to make clear
that BNPL is a type of debt.
Klarna said it had actively and substantially changed its influencer and
advertising policy and invested in KlarnaSense, a product designed to encourage
responsible spending.
The ASA has also tightened its stance on the financial sector more generally.
This year the advertising watchdog warned HSBC about using adverts to greenwash
its reputation.
Buy now, pay later is currently unregulated in the UK. In June the government
set out its plans to regulate the sector, which would include strengthening
financial promotion rules.
However, new rules are only likely to come into force by 2023 at the earliest.
The FCA this month published stricter rules for marketing “high risk”
investments — such as peer-to-peer loans and private company shares — responding
to what the regulator sees as a wave of risk-taking by consumers following the
Covid-19 pandemic.
It is also expected to take over the policing of advertisements for
cryptocurrencies, after the Treasury said in January that it would pass new
legislation to place crypto ads within the financial watchdog’s remit.
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