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Buy now pay later changes

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The Financial Conduct Authority has announced changes to potentially unfair and unclear terms in the contracts of Clearpay, Klarna, Laybuy and Openpay. 

The 'buy now, pay later' companies were made to change contract terms on cancellations and continuous payment authority in order to make them fairer and easier for consumers to understand.

Clearpay, Laybuy and Openpay also agreed to refund late payment fees they had wrongly charged to customers who had cancelled orders.