Financial Services Bill – extension of FCA regulation to unregulated buy-now pay-later products

The Financial Services Bill is going through Parliament currently. The Government introduced an amendment to the Bill to extend FCA regulation to unregulated buy-now pay-later products (as recommended by the Woolard Review).

The Government intends to publish a consultation later this Spring to seek views from consumers, buy-now pay-later providers and the retailers that offer these products. The responses to the consultation will inform the Government’s approach to creating a proportionate regime, including decisions on which provisions in the Consumer Credit Act should apply to buy-now pay-later agreements. The Government will then need to take forward the necessary secondary legislation to bring buy now, pay later agreements into regulation.

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