UK Finance responds on BNPL consultation

UK Finance has published its response to HM Treasury’s consultation on the regulation of BNPL products. The response shows that there is a consensus amongst UK Finance members:

  • that BNPL products should be brought within the scope of regulation;
  • that the CCA needs urgent reform to ensure proportionate regulation with appropriate and similar outcomes for consumers and substitutable products; and
  • on the application to BNPL products of current regulations regulation to a number of key areas, including creditworthiness, the treatment of customers in financial difficulty, the application of Section 75 CCA and the jurisdiction of FOS.

Lucy Hadrill