UK's financial watchdog proposes protections for buy now, pay later borrowers

(Reuters) -Britain's financial watchdog on Friday proposed rules to protect buy now, pay later (BNPL) borrowers, including affordibilty checks, access to the Financial Ombudsman Service for complaints and support during financial difficulties.

"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," Sarah Pritchard, deputy chief executive at the Financial Conduct Authority, said.

(Reporting by Yamini Kalia in Bengaluru; Editing by Harikrishnan Nair)