Skip to content

News

Regulation of Buy-Now, Pay-Later: consultation on draft legislation (October 2024)

FCA launches Consumer Duty Survey
Facebook
Twitter
LinkedIn

Summary

The government is consulting on draft legislation to bring Buy-Now Pay-Later products into regulation.

This consultation closes at

Consultation description

Across the UK, millions have used Buy-Now, Pay-Later (BNPL) products, which can be a helpful way of managing finances from month to month. However, without regulation there are risks.

The government has published a consultation setting out its plans for regulating the BNPL market. These plans aim to ensure people using BNPL products receive clear information, avoid unaffordable borrowing, and have strong rights when issues arise. The government’s approach will maintain access to a popular product while adding safeguards.

The consultation will be open until 29 November. After reviewing feedback, the government will bring forward legislation as soon as possible.

This consultation responds to feedback HM Treasury received to its previous consultation that ran between February and April 2023: Regulation of Buy-Now Pay-Later: consultation on draft legislation

Documents

Regulation of Buy-Now, Pay-Later consultation 2024

Buy-Now, Pay-Later Statutory Instrument draft

 

Source: HM Treasury

Facebook
Twitter
LinkedIn

Related Posts

SPI registration cost guide for UK Small Payment Institutions

How much does it cost to register as a Small Payment Institution (SPI) with the FCA?

Summary The costs of registering to become an SPI will vary depending on your size and business model, but you should expect to budget for the following. What are the
Read More >
Concept image illustrating the FCA Handbook API with digital compliance technology, regulatory data and RegTech solutions.

FCA Launches Handbook API to Help Simplify Regulatory Compliance

The Financial Conduct Authority (FCA) has launched its new Handbook API, giving firms and technology providers direct access to FCA Handbook content in a structured, machine-readable format. The API is
Read More >