Compliance Monitor
Backdated interest ban unveiled for ‘Buy Now Pay Later’ credit lines
By Neasa MacErlean
Storecard issuers, catalogue companies and others offering Buy Now Pay Later (BNPL) products
will be banned from charging backdated interest on money repaid during the BNPL
offer period. This is one of a
new
set of FCA rules
coming into force from 12 September to 12 November
this year.