Unregulated BNPL firms becoming authorised

The Temporary Permissions Regime, which allowed EEA firms to continue to operate in the UK while transitioning to the full UK regulatory regime, is ending after three years.

The FCA is currently assessing the last of the firms in the regime for full authorisation, including some firms that offer regulated lending products but also offer unregulated BNPL products. The FCA says consumers must know that many BNPL products remain unregulated and are currently exempt from regulation.