Jurisdiction(s):
United Kingdom

UK BNPL regulation: HM Treasury and FCA outline authorisation, scope limited to third‑party lenders, key exemptions, consumer protections, temporary permissions; consultation closes 29 November 2024

Published on: 21 October 2024

Published by a Law360 reporter

Legal News

Article summary

The government will move quickly to safeguard people using BNPL products, which let borrowers spread the price of purchases into regular instalments but can result in significant debt and harm, the Treasury said. Tulip Siddiq, economic secretary to the Treasury, said millions use Buy-Now, Pay-Later to organise their finances, yet the previous government’s dither and delay left them without protection, adding that ministers promised to act before the election and are now following through. The government also highlighted worries that, despite widespread take-up, the sector currently falls outside the FCA’s remit; FCA findings show 14m consumers used BNPL in the six months to January 2023. The FCA will finalise rules 12 months from...

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