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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FOS - increase to award limit

Last month, the Financial Conduct Authority (FCA) confirmed that the Financial Ombudsman Service (FOS) published an increase to their award limits.

Firms will be expected to be fully compliant within months of the new measures coming into place

Firms will be expected to be fully compliant within months of the new measures coming into place.

TRANSUNION TO ACCEPT BNPL DATA

TransUnion has become the first credit reference agency in the UK to accept Buy Now, Pay Later (BNPL) finance data in its consumer credit files.

What does the FCA expect of firms?

Given the ongoing coronavirus situation, the FCA is reminding firms of the outcomes they want to see for customers in payment difficulties because of the pandemic.

Borrowers in financial difficulty project - supporting those facing payment difficulties due to coronavirus

FCA - Borrowers in Financial Difficulty Project

FCA secures contract changes for buy-now-pay customers

The FCA is working with Buy-Now Pay-Later firms to make contracts fairer and easier to understand.