The government has published draft legislation which would bring the ‘buy now pay later’ (BNPL) industry within FCA regulation.
Under the proposed regulations, lenders offering BNPL products would need to:
1. Be authorised by the financial regulator
2. Comply with various regulatory requirements
3. Abide by consumer credit rules, including the upcoming Consumer Duty and financial promotions regime.
Businesses offering BNPL products should consider the legal, regulatory and commercial impact arising from these proposed changes.
Get in touch with our team of experts today to find out how your business can be prepared ahead of time.
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