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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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.

Heads of compliance and MLRO applicant competency and capability

What do authorised firms need to know?

Data Collection is Changing

Reporting is one of the most demanding parts of regulation. At PPL we help businesses navigate through the FCA’s requirements and react quickly to changing measures.

Consumer Duty - Increased Consumer Protection

As you may know, the FCA has published Consultation Paper 21/13:’ A new Consumer Duty’. Each month we will be breaking this down into what it actually means.