MPs warn buy now, pay later firms ‘could be the next Wonga’

Payday loans
Booking.com

At least 70 MPs want lenders such as Klarna and Clearpay to be more tightly regulated to protect the public

More than 70 cross-party MPs are calling for regulation of buy now, pay later firms such as Klarna and Clearpay, which they say could be “the next Wonga waiting to happen.”

The group is planning to table an amendment to the financial services bill on Wednesday that would force the Treasury to introduce regulations within three months of the bill being passed. MPs hope the accelerated timeline will prevent some consumers from falling into debt.

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