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Regulation of Buy-Now, Pay-Later Products

21 October 2024

Proposing MP
Tulip Siddiq Lab
Hampstead and Highgate
Type
Written Ministerial Statement
Department
Treasury
View on Parliament.uk -->

At a Glance

Issue Summary

The statement addresses the regulation of Buy-Now, Pay-Later (BNPL) products in the UK to ensure consumer protections are in place.

Action Requested

The government is consulting on a plan to bring BNPL firms under FCA regulation until November 29th. Following this, legislation will be introduced and the new regime will come into effect 12 months after the legislation is enacted.

Key Facts

  • The Financial Conduct Authority’s (FCA) survey reported that 14 million consumers used BNPL products in the 6 months to January 2023.
  • The consultation period will last six weeks until November 29, 2024.
  • The new regime will come into force 12 months after legislation is enacted.
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