Live News Updates Uk Retail Sales Rise In July But In Store Spending Remains Down

“Unauthorized firms may be committing a criminal offense if they do not have an FCA-approved firm to approve their financial promotions,” the Financial Conduct Authority said in a statement on Friday. “Authorised companies selling unregulated or exempted 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 FCA said in a letter to firms that it had seen adverts, including posts by social media influencers, which promoted short-term credit without warning of the risks, such as taking on unsustainable levels of debt and the consequences of missed payments. “Companies need to ensure that consumers, particularly those in vulnerable circumstances, have the right information at the right time so they can make effective, timely and well-informed decisions,” said Sheldon Mills, executive director of consumer and competition at FCA. The popular form of short-term credit is facing scrutiny over concerns about encouraging unnecessary spending, which has been intensified by the cost-of-living crisis. Buy Now Pay Later, which offers short-term interest-free credit, is not subject to regulation due to an exemption for this type of lending. Charities and regulators have raised concerns that the product could encourage spending when users can’t afford it. The FCA is expected to consult on rules for the industry in 2023. In February, four buy now, pay later companies redrafted the terms using the wider Consumer Rights Act.

title: “Live News Updates Uk Retail Sales Rise In July But In Store Spending Remains Down Klmat” ShowToc: true date: “2022-11-17” author: “Katherine Segarra”

“Unauthorized firms may be committing a criminal offense if they do not have an FCA-approved firm to approve their financial promotions,” the Financial Conduct Authority said in a statement on Friday. “Authorised companies selling unregulated or exempted 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 FCA said in a letter to firms that it had seen adverts, including posts by social media influencers, which promoted short-term credit without warning of the risks, such as taking on unsustainable levels of debt and the consequences of missed payments. “Companies need to ensure that consumers, particularly those in vulnerable circumstances, have the right information at the right time so they can make effective, timely and well-informed decisions,” said Sheldon Mills, executive director of consumer and competition at FCA. The popular form of short-term credit is facing scrutiny over concerns about encouraging unnecessary spending, which has been intensified by the cost-of-living crisis. Buy Now Pay Later, which offers short-term interest-free credit, is not subject to regulation due to an exemption for this type of lending. Charities and regulators have raised concerns that the product could encourage spending when users can’t afford it. The FCA is expected to consult on rules for the industry in 2023. In February, four buy now, pay later companies redrafted the terms using the wider Consumer Rights Act.

title: “Live News Updates Uk Retail Sales Rise In July But In Store Spending Remains Down Klmat” ShowToc: true date: “2022-11-30” author: “Marcus Miller”

“Unauthorized firms may be committing a criminal offense if they do not have an FCA-approved firm to approve their financial promotions,” the Financial Conduct Authority said in a statement on Friday. “Authorised companies selling unregulated or exempted 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 FCA said in a letter to firms that it had seen adverts, including posts by social media influencers, which promoted short-term credit without warning of the risks, such as taking on unsustainable levels of debt and the consequences of missed payments. “Companies need to ensure that consumers, particularly those in vulnerable circumstances, have the right information at the right time so they can make effective, timely and well-informed decisions,” said Sheldon Mills, executive director of consumer and competition at FCA. The popular form of short-term credit is facing scrutiny over concerns about encouraging unnecessary spending, which has been intensified by the cost-of-living crisis. Buy Now Pay Later, which offers short-term interest-free credit, is not subject to regulation due to an exemption for this type of lending. Charities and regulators have raised concerns that the product could encourage spending when users can’t afford it. The FCA is expected to consult on rules for the industry in 2023. In February, four buy now, pay later companies redrafted the terms using the wider Consumer Rights Act.

title: “Live News Updates Uk Retail Sales Rise In July But In Store Spending Remains Down Klmat” ShowToc: true date: “2022-11-04” author: “Peggy Chin”

“Unauthorized firms may be committing a criminal offense if they do not have an FCA-approved firm to approve their financial promotions,” the Financial Conduct Authority said in a statement on Friday. “Authorised companies selling unregulated or exempted 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 FCA said in a letter to firms that it had seen adverts, including posts by social media influencers, which promoted short-term credit without warning of the risks, such as taking on unsustainable levels of debt and the consequences of missed payments. “Companies need to ensure that consumers, particularly those in vulnerable circumstances, have the right information at the right time so they can make effective, timely and well-informed decisions,” said Sheldon Mills, executive director of consumer and competition at FCA. The popular form of short-term credit is facing scrutiny over concerns about encouraging unnecessary spending, which has been intensified by the cost-of-living crisis. Buy Now Pay Later, which offers short-term interest-free credit, is not subject to regulation due to an exemption for this type of lending. Charities and regulators have raised concerns that the product could encourage spending when users can’t afford it. The FCA is expected to consult on rules for the industry in 2023. In February, four buy now, pay later companies redrafted the terms using the wider Consumer Rights Act.