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<p>The Consumer Protection from Unfair Trading Regulations 2008 (CPRs) make it a criminal
offence for traders to give consumers misleading information. Under the CPRs, traders
must provide consumers with the information necessary to make informed decisions and
not omit or hide material information which the average consumer needs.</p><p>Last
year, the Financial Conduct Authority (FCA) announced new rules to address harms in
the Buy Now Pay Later (BNPL) market, saving consumers around £40-60 million a year.</p><p>The
new rules aim to reduce the overall cost of credit for consumers by banning firms
from charging backdated interest on repaid sums and requiring firms to provide better
information to consumers about BNPL offers, including associated risks. Firms must
also give prompts to consumers, to remind them when the offer period is about to end,
so that consumers are more likely to repay the credit before they incur interest.</p>
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