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Glasgow Times
23-07-2025
- Glasgow Times
Rules set to change for Klarna Clearpay and other BNPL firms
Under a consultation put forward by the Financial Conduct Authority (FCA) borrowers will also be able to complain to the Financial Ombudsman Service if something goes wrong. The rules, giving consumers more transparency over what this type of borrowing involves, would take effect when buy now, pay later (BNPL) comes under the FCA's remit next year. The new oversight by the FCA would mean that BNPL borrowers will have key protections that already exist for other types of lending. The FCA also oversees the Consumer Duty, which requires financial firms to put consumers at the heart of what they do, including when designing products and communicating with their customers. Sarah Pritchard, deputy chief executive at the FCA, said: 'We have long called for BNPL products to be brought into our remit, so people can benefit from BNPL while being protected. 'Our regulation will help consumers navigate their financial lives, with checks on whether they can afford to repay, support when things go wrong and access to the right information to make informed decisions. 'We're mainly relying on existing requirements, including the Consumer Duty, rather than proposing to make lots of new rules, supporting growth and allowing firms to innovate.' BNPL products are a way for people to spread the costs of purchases without paying interest. BNPL options regularly pop up at online checkouts. But concerns have been raised that some people could end up taking out loans that they cannot afford to pay back on time, incurring charges. According to the FCA's research, one in five (20%) UK adults – equating to 10.9 million – had used BNPL at least once in the 12 months to May 2024, up from 17% in 2022. In May 2024, 2% of UK adults (equating to 1.1 million) had £500 or more outstanding unregulated BNPL debt, and 11% of UK adults (5.3 million) had £50 or more outstanding, the regulator found. The FCA's consultation is open for feedback until September 26 2025. A temporary permissions regime will be open for firms to register two months before the regime comes into force on July 15 2026. Firms will then have six months from the date the regime comes into force to apply for full authorisation. BNPL is a broad term which can include some credit agreements that are already regulated, the FCA said. Its new proposals relate to unregulated BNPL agreements, referred to as deferred payment credit (DPC). The Government has made legislation to bring DPC products under FCA regulation. DPC refers to unregulated interest-free credit, which finances the purchase of goods or services and that is repayable in 12 or fewer instalments within 12 months or less. Lenders who only provide DPC do not currently need to be FCA authorised, leading to concerns that some borrowers may not be receiving enough information about what credit agreements involve. Alison Walters, interim director of consumer finance at the FCA, said: 'Our proposals are aimed at ensuring that consumers get good consumer outcomes and that there is an appropriate degree of consumer protection. 'And by that, we mean that consumers get the right information, in the right way, at the right time, so that they can make an informed decision about their buy now, pay later lending.' She continued: 'What we're asking in our rules is for firms to carry out an affordability check, to ensure that consumers are able to pay. And if they get into financial difficulty to provide them with an appropriate level of support. 'We also want them to give more information in relation to late fees, consequences if they miss a payment, and impacts, for example, if it may affect credit ratings. 'And also information about their withdrawal and cancellation rights.' She added: 'If something goes wrong, consumers will be able to refer their complaint to the Financial Ombudsman Service.' Ms Walters said that in terms of supporting those in financial difficulty: 'Under our existing rules, firms can offer forbearance to consumers if they get into financial difficulty.' She said that could include changes in the payment plan and people can also be signposted to debt advice or other support mechanisms. Ms Walters added that under the new rules 'we still think that this market will be viable and profitable'. She pointed out that the BNPL market has already grown in size and popularity. According to the regulator, DPC lending has grown from £0.06 billion in 2017 to more than £13 billion in 2024. Maxine McCreadie personal finance expert at UK Debt Expert advises caution: 'Buy Now, Pay Later can be a useful way to manage your money, especially for larger purchases where you've planned and budgeted. But regularly using it to buy smaller, everyday items could lead to financial problems. It feels like it's become too easy to delay payment without really thinking through the long-term consequences. 'One of the big issues is how BNPL is marketed. It's often positioned as something separate from traditional credit, which can make it feel less serious - but the reality is, it's still a form of debt. Miss a payment and you could find yourself facing late fees and doing damage to your credit score. 'New rules coming into force next July will mean that shoppers will have to pass stricter affordability checks before being approved for BNPL products, and I think that's a positive move. It brings BNPL more in line with other credit products, and should help people stop and think before clicking 'pay later' at checkout. 'Ultimately, it's about reminding people that these services do have a financial impact and encouraging them to make informed, considered choices rather than falling into a cycle of spending that could be hard to break.' A Klarna spokesperson said: 'After five years of constructive work with HMT (HM Treasury), we're entering the home straight to make BNPL regulation a reality – a major win for UK consumers. 'We're looking forward to working with the FCA on rules that protect consumers while keeping choice and innovation at the heart of the UK credit market.' A spokesperson at BNPL provider Clearpay said: 'We will support the FCA as it consults on and finalises its specific rules for the sector.' The spokesperson said regulation 'will establish a consistent operating environment and clear compliance standards for all providers,' adding: 'Clearpay research highlighted that nearly half of UK adults (48%) are more likely to use BNPL once regulation is passed, and with 71% believing that it is important for BNPL to be subject to UK financial legislation, today's announcement will help foster trust among consumers. 'It will also create a more sustainable foundation for the future of BNPL as it continues to grow as an everyday payment option for consumers.' Vikki Brownridge, chief executive of StepChange Debt Charity, said: 'It's incredibly reassuring to see the FCA's consultation on its proposed approach to regulating buy now, pay later.' She added: 'Whilst BNPL can be a useful budgeting tool, it can deepen debt problems, and it is important struggling consumers are afforded the same level of protection as for other forms of credit. 'Bringing BNPL firms in line with the wider credit market, when regulation begins next year, will provide an added layer of protections for consumers, a much-needed change as StepChange polling found that BNPL users are twice as likely as all credit users to borrow to cover essential bills, and our research also found that BNPL is now as common as using an overdraft amongst UK adults.' Vix Leyton, a consumer expert at app ThinkMoney, said BNPL 'can be a really useful tool, particularly when life throws you an unforeseen cost that drives a wrecking ball through your budget. 'But while spreading the cost can take the pressure off, it's temporary relief if it's not done responsibly and mindfully.' Recommended reading: She added: 'Proper affordability checks, in line with other credit products, are vital to stop people unintentionally kicking the financial can down the road, as is making sure that those in financially vulnerable positions understand the consequences of missed payments.' Rocio Concha, Which? director of policy and advocacy, said: 'Buy now, pay later can be a really convenient way to spread the cost of items, but because it is not yet regulated, it hasn't come without risk to consumers. 'Regulation will mean that consumers will be subject to affordability checks to ensure responsible lending as well as making sure they are given sufficient information about the credit they are taking on and the risk of falling into debt.'
Edinburgh Reporter
22-07-2025
- Edinburgh Reporter
Spam Checker: Why It Matters and How It Protects Business Communication
Cyber threats are becoming more sophisticated, and spam remains one of the most common entry points for attacks. From phishing emails to spoofed numbers and fraudulent messages, spam can undermine communication security, damage brand trust, and expose a business to legal risks. A spam checker provides a practical way to detect and block these threats before they reach the end user. What Is a Spam Checker and How Does It Secure Business Communication A spam checker is a security tool that analyzes communication channels to detect and filter out unwanted or malicious content. It applies a combination of algorithms, real-time blacklists, and behavior-based analysis to assess message legitimacy. Effective systems operate across multiple platforms, including email, SMS, VoIP, and others. Key mechanisms include: Signature and pattern detection; Reputation scoring of sender domains and IPs; Inspection of links and attachments; Protocol checks (SPF, DKIM, DMARC) for email authentication. By identifying suspicious signals, the spam checker prevents malicious content from entering the company's communication flow. Identifying Key Spam Threats That Target Businesses Spam in today's world covers a lot more than advertising messages. Examples of common threats that impact the business are: Phishing emails attempt to obtain credentials or payment details. Fake sender identities are used in email and SMS spoofing. Attachments containing malware or ransomware; Robocalls and unsolicited VoIP traffic are disrupting operations. SMS-based social engineering is known as smishing. Data losses, disruption of services or reputational damage could occur after only one incidence. How Businesses Benefit from Proactive Spam Filtering The use of a professional spam checker is able to provide operational and security benefits right away: Stronger data protection : Prevent data leaks and malware infections. : Prevent data leaks and malware infections. Brand reputation management : Keep your domains, numbers, and sender IDs from being blacklisted. : Keep your domains, numbers, and sender IDs from being blacklisted. Better deliverability : Ensure legitimate messages aren't mistaken for spam. : Ensure legitimate messages aren't mistaken for spam. Regulatory compliance : Meet GDPR, HIPAA, and other global data protection standards. : Meet GDPR, HIPAA, and other global data protection standards. Lower support burden: Reduce the volume of user-reported spam issues. The presence of safe communication infrastructure promotes trust, security of intellectual property and enhanced productivity of everyday working. Image by Gerd Altmann from Pixabay Key Features to Look for in a Spam Checker Tool Choosing the right spam filtering tool involves more than just spam detection. Look for these essential features: Real-time filtering powered by global threat intelligence. Multi-layer security on email, SMS, VOIP and internal chat services. Whitelist and blacklist custom rule creation. Advanced trend monitoring, warning threats, and effect analysis. CRM and communication platform integrations for unified workflows. Multipurpose support and localization options of global operations. These features allow your team to stay protected without interrupting how they work. How to Choose the Right Spam Checker for Your Company The best spam checker is one that fits your business model, scales with your growth, and adapts to evolving threats. When comparing providers, the questions to consider are: Which of these communication methods should be secured (email, VoIP, SMS or all of them)? Does the tool allow you to maintain your compliance and security? Does it support your CRM, cloud PBX or contact center? Does it have multilingual filtering of international groups and customers? Does it have access to support, upties, and threat intelligence? DID Global spam checker is enterprise level spam filter technology, that offers scalable security, high levels of integration and is completely transparency based, where you can avoid fraud, client protection and business continuity in every world market. Final Thought: Stay Ahead of Spam Before It Damages Your Brand Spam attacks are not only disruptive, but dangerous. With the rise of digitalization and globalization of communications, data protection of key communication channels happens to be non-negotiable. The proper spam checker investment will guarantee your customers only what they deserve: safely, reliably and according to your conditions. Source: DID Global Like this: Like Related
STV News
18-07-2025
- STV News
Buy now, pay later consumer protections proposed by Financial Conduct Authority
Buy now, pay later providers will have to check that people can afford to repay their loans and offer support if they get into financial difficulty under a consultation put forward by the Financial Conduct Authority (FCA). Borrowers will also be able to complain to the Financial Ombudsman Service if something goes wrong. The rules, giving consumers more transparency over what this type of borrowing involves, would take effect when buy now, pay later (BNPL) comes under the FCA's remit next year. The new oversight by the FCA would mean that BNPL borrowers will have key protections that already exist for other types of lending. The FCA also oversees the Consumer Duty, which requires financial firms to put consumers at the heart of what they do, including when designing products and communicating with their customers. Sarah Pritchard, deputy chief executive at the FCA, said: 'We have long called for BNPL products to be brought into our remit, so people can benefit from BNPL while being protected. 'Our regulation will help consumers navigate their financial lives, with checks on whether they can afford to repay, support when things go wrong and access to the right information to make informed decisions. 'We're mainly relying on existing requirements, including the Consumer Duty, rather than proposing to make lots of new rules, supporting growth and allowing firms to innovate.' BNPL products are a way for people to spread the costs of purchases without paying interest. BNPL options regularly pop up at online checkouts. But concerns have been raised that some people could end up taking out loans that they cannot afford to pay back on time, incurring charges. According to the FCA's research, one in five (20%) UK adults – equating to 10.9 million – had used BNPL at least once in the 12 months to May 2024, up from 17% in 2022. In May 2024, 2% of UK adults (equating to 1.1 million) had £500 or more outstanding unregulated BNPL debt, and 11% of UK adults (5.3 million) had £50 or more outstanding, the regulator found. The FCA's consultation is open for feedback until September 26 2025. A temporary permissions regime will be open for firms to register two months before the regime comes into force on July 15 2026. Firms will then have six months from the date the regime comes into force to apply for full authorisation. BNPL is a broad term which can include some credit agreements that are already regulated, the FCA said. Its new proposals relate to unregulated BNPL agreements, referred to as deferred payment credit (DPC). The Government has made legislation to bring DPC products under FCA regulation. DPC refers to unregulated interest-free credit, which finances the purchase of goods or services and that is repayable in 12 or fewer instalments within 12 months or less. Lenders who only provide DPC do not currently need to be FCA authorised, leading to concerns that some borrowers may not be receiving enough information about what credit agreements involve. Alison Walters, interim director of consumer finance at the FCA, told the PA news agency: 'Our proposals are aimed at ensuring that consumers get good consumer outcomes and that there is an appropriate degree of consumer protection. 'And by that, we mean that consumers get the right information, in the right way, at the right time, so that they can make an informed decision about their buy now, pay later lending.' She continued: 'What we're asking in our rules is for firms to carry out an affordability check, to ensure that consumers are able to pay. And if they get into financial difficulty to provide them with an appropriate level of support. 'We also want them to give more information in relation to late fees, consequences if they miss a payment, and impacts, for example, if it may affect credit ratings. 'And also information about their withdrawal and cancellation rights.' She added: 'If something goes wrong, consumers will be able to refer their complaint to the Financial Ombudsman Service.' Ms Walters said that in terms of supporting those in financial difficulty: 'Under our existing rules, firms can offer forbearance to consumers if they get into financial difficulty.' She said that could include changes in the payment plan and people can also be signposted to debt advice or other support mechanisms. Ms Walters added that under the new rules 'we still think that this market will be viable and profitable'. She pointed out that the BNPL market has already grown in size and popularity. According to the regulator, DPC lending has grown from £0.06 billion in 2017 to more than £13 billion in 2024. A Klarna spokesperson said: 'After five years of constructive work with HMT (HM Treasury), we're entering the home straight to make BNPL regulation a reality – a major win for UK consumers. 'We're looking forward to working with the FCA on rules that protect consumers while keeping choice and innovation at the heart of the UK credit market.' A spokesperson at BNPL provider Clearpay said: 'We will support the FCA as it consults on and finalises its specific rules for the sector.' The spokesperson said regulation 'will establish a consistent operating environment and clear compliance standards for all providers,' adding: 'Clearpay research highlighted that nearly half of UK adults (48%) are more likely to use BNPL once regulation is passed, and with 71% believing that it is important for BNPL to be subject to UK financial legislation, today's announcement will help foster trust among consumers. 'It will also create a more sustainable foundation for the future of BNPL as it continues to grow as an everyday payment option for consumers.' Vikki Brownridge, chief executive of StepChange Debt Charity, said: 'It's incredibly reassuring to see the FCA's consultation on its proposed approach to regulating buy now, pay later.' She added: 'Whilst BNPL can be a useful budgeting tool, it can deepen debt problems, and it is important struggling consumers are afforded the same level of protection as for other forms of credit. 'Bringing BNPL firms in line with the wider credit market, when regulation begins next year, will provide an added layer of protections for consumers, a much-needed change as StepChange polling found that BNPL users are twice as likely as all credit users to borrow to cover essential bills, and our research also found that BNPL is now as common as using an overdraft amongst UK adults.' Vix Leyton, a consumer expert at app ThinkMoney, said BNPL 'can be a really useful tool, particularly when life throws you an unforeseen cost that drives a wrecking ball through your budget. 'But while spreading the cost can take the pressure off, it's temporary relief if it's not done responsibly and mindfully.' She added: 'Proper affordability checks, in line with other credit products, are vital to stop people unintentionally kicking the financial can down the road, as is making sure that those in financially vulnerable positions understand the consequences of missed payments.' Rocio Concha, Which? director of policy and advocacy, said: 'Buy now, pay later can be a really convenient way to spread the cost of items, but because it is not yet regulated, it hasn't come without risk to consumers. 'Regulation will mean that consumers will be subject to affordability checks to ensure responsible lending as well as making sure they are given sufficient information about the credit they are taking on and the risk of falling into debt.' Get all the latest news from around the country Follow STV News Scan the QR code on your mobile device for all the latest news from around the country
