US Edition
New Rules to Affect Shoppers Using 'Buy Now, Pay Later' Schemes
UNITED KINGDOM, JUL 17 – The Financial Conduct Authority will require affordability checks and consumer protections for Buy Now Pay Later loans, used by 10.9 million UK adults, starting July 15, 2026.
- The Financial Conduct Authority will regulate buy now, pay later loans in the UK, requiring lenders to become FCA-authorised, starting in 2026, to improve consumer protections.
- With concerns over mounting consumer harm, pressure from consumer groups and debt charities prompted the regulatory move.
- Requiring affordability checks and support, and allowing borrowers to complain to the Financial Ombudsman Service.
- Major BNPL providers like Klarna and Clearpay welcomed the proposals, and the consultation remains open until 26 September 2025.
- Over the next decade, estimated savings of £1.8 billion for consumers, while providers may incur £1.4 billion in lost profits.
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Total News Sources38
Leaning Left4Leaning Right2Center10Last UpdatedBias Distribution63% Center
Bias Distribution
- 63% of the sources are Center
63% Center
L 25%
C 63%
13%
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