Finance
UK Government Pushes Ahead with Buy-Now, Pay-Later Regulations
- Treasury invites industry to comment on proposed BNPL rules
- Rules aren’t expected to be implemented until 2026 at earliest
The UK’s new Labour government proposed a series of stricter rules for buy-now, pay-later lenders as it seeks to make good on an election promise to rein in the industry.
The Treasury has invited industry players to comment on proposals that would bring buy-now, pay-later companies under the supervision of the Financial Conduct Authority, according to a statement. The proposed rules would also subject BNPL providers to the Consumer Credit Act, forcing them to comply with many of the same rules as credit card issuers.