PayPal and QVC give undertakings as FCA tackles unfair BNPL contracts

PayPal and QVC have both offered Undertakings to the FCA under the Consumer Rights Act 2015 after the regulator raised concerns about "potentially unfair and unclear contract terms" in their unregulated BNPL (Buy Now Pay Later) consumer contracts.

By Neasa MacErlean

Each firm was using contracts including terms that were "likely to lack sufficient transparency", according to the Undertakings the firms signed; and customers at each of them "were at risk of harm because of how some of the contract terms were drafted", said an announcementfrom the Financial Conduct Authority.