Canadian regulators take a closer look at “buy now, pay later” financing

Senior counsel and co-head of Torys’ Consumer Protection practice and Fintech group Brigitte Goulard sat down with The Globe and Mail to discuss the latest developments in Canada’s “buy now, pay later” (BNPL) financing market.

As more and more fintech companies announce their launch in Canada, Brigitte says that we can expect regulators to be examining the impact and risks associated with BNPL lending more thoroughly.

Read: Q1 Torys Quarterly: Expect increased regulatory focus on “buy now, pay later” financing

“Regulators may start looking at [BNPL] more closely in terms of, how can we prevent some of the dangers that might occur if people aren’t paying it back,” Brigitte said.

“… It’s a good product if used properly; it can be a not-so-good product if people use it too much, if people abuse it or they don’t pay down the debt in time.”

You can read more about our Consumer Protection work on our practice page.

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