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#financialservices

12 messages7 participants1 message aujourd’hui

Four years after the Tories said they'd regulate Buy Now Pay Later (BNPL), Labour has legislation to bring BNPL under the regulation of the Financial Conduct Authority (putting BNPL under the same regulatory focus as banks & other lenders).

That the state (finally) has stepped in to offer (some) protection to borrowers shows both that the issues of debt & exploitative practices of got worse and banks have likely lobbied to get a competing sector under control!

#FinancialServices #BNPL
h/t FT

So the Bank of England is scrapping limits on lending & 'treasury activities' that were introduced 17 years ago in the war of Northern Rock and Bradford & Bingley's problems after the financial crisis.... with the implied reasoning that building societies are better managed & more able to assess risk than they were then.

This reflects the Govt's deregulation agenda, but as a Trump inspired crisis looks possible, is this the right time to be abolishing such limits?

#FinancialServices
h/t FT