FCA broadens approach on unsecured credit as regulation extends to Buy Now Pay Later

By Neasa MacErlean

The ‘Buy Now Pay Later’ (BNPL) sector is to be brought under FCA regulation “as soon as parliamentary time allows”, according to the Treasury. Product providers “will be required to carry out affordability checks on customers and ensure the vulnerable are treated fairly”, according to a statement on 2 February from the department.