London | Britain’s financial regulator has reasserted its hawkish stance on buy now, pay later companies, telling four of them to rewrite some of their “potentially unfair and unclear” consumer contracts, and to refund some late-payment fees.
The Financial Conduct Authority’s targets were Afterpay’s British arm Clearpay, ASX-listed Openpay and Laybuy, and Swedish firm Klarna, in which Commonwealth Bank has a minority stake.
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Hans van Leeuwen covers British and European politics, economics and business from London. He has worked as a reporter, editor and policy adviser in Sydney, Canberra, Hanoi and London. Connect with Hans on Twitter. Email Hans at hans.vanleeuwen@afr.com
