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Major Changes for Buy Now Pay Later Users From Today
Lenders must carry out affordability checks and give clearer terms as customers gain access to free complaints and debt advice.
- On Wednesday, July 15, 2026, the Financial Conduct Authority assumed supervision of the Buy Now Pay Later sector, bringing it under official regulatory oversight of the City regulator.
- The BNPL market grew to over £13 billion in 2024, with 10.9 million adults—20 per cent of UK consumers—using services in the 12 months to May 2024. This rapid expansion prompted regulatory intervention.
- Firms must conduct proportionate affordability checks and provide clear payment details. Clearpay stated the regulation will "help establish a consistent operating environment and clear standards for all providers."
- Customers can escalate complaints to the Financial Ombudsman Service for agreements taken out on or after July 15, 2026. The FOS anticipates around 2,000 complaints from BNPL users this financial year.
- BNPL usage may appear on credit reports, potentially affecting applications for loans, credit cards, or mortgages. Support for struggling borrowers is available through StepChange, Citizens Advice, and Christians Against Poverty.
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16 Articles
A £3bn reckoning that will reshape buy now, pay later
Buy now, pay later providers are cheering the arrival of new regulations.In this week’s column Samuel Norman considers how the industry could be reshaped. Five years ago, the government revealed plans to crack down on the buy now, pay later market after an industry review found financial risks posed by the ease with which consumers could borrow. And (nearly) five Prime Ministers later, the industry finally faces its £3bn reckoning with provider…
·London, United Kingdom
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Total News Sources16
Leaning Left4Leaning Right1Center7Last UpdatedBias Distribution59% Center
Bias Distribution
- 59% of the sources are Center
59% Center
L 33%
C 59%
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