UK Government Unveils Long-Awaited Regulation of Buy Now, Pay Later

The UK Government has formally announced the long-awaited legislation to regulate the Buy Now, Pay Later (BNPL) market, following sustained concerns over unchecked growth, consumer harm, and rising debt levels.

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Consumer Duty - Guidance

The Financial Conduct Authority FCA published final rules for the Consumer Duty along with key timescales in July 2022.

Demand for buy now, pay later has increased across all age groups

According to a survey commissioned by the Centre for Financial Capability, demand for buy now, pay later deals has surged among all age groups in the UK.

FCA launches financial promotions consultation

Between July and September of 2022, the Financial Conduct Authority (FCA), intervened to amend or withdraw 4,151 financial promotions, the highest amount since it began publishing data. According to the FCA, retail lending, investments and banking are the sectors which have the highest rate of amends or withdrawal of adverts and amount to around 95% of all interventions concerning financial promotions.

UK Government Unveils Long-Awaited Regulation of Buy Now, Pay Later

Consumer Duty - Guidance

Demand for buy now, pay later has increased across all age groups

FCA launches financial promotions consultation

Spotlight on the AR Regime

FCA Dear CEO letter – FCA strategy for firms providing high-cost lending products

FCA Dear CEO Letter - General Insurance