Deferred payment credit to be onboarded for FCA regulation next year

Consumer Duty requirements and other protections will come into force for the BNPL (Buy Now Pay Later) sector on 15 July next year when the FCA takes on its regulation.

By Neasa MacErlean

A 'temporary permissions regime' will start two months before to allow firms to register early; and there will be a six-month period afterwards in which firms will need to apply for full authorisation.