Regulation of Buy-Now, Pay-Later: consultation on draft legislation (October 2024)
Consultation description
Across the UK, millions have used Buy-Now, Pay-Later (BNPL) products, which can be a helpful way of managing finances from month to month. However, without regulation there are risks.
The government has published a consultation setting out its plans for regulating the BNPL market. These plans aim to ensure people using BNPL products receive clear information, avoid unaffordable borrowing, and have strong rights when issues arise. The government’s approach will maintain access to a popular product while adding safeguards.
The consultation will be open until 29 November. After reviewing feedback, the government will bring forward legislation as soon as possible.
This consultation responds to feedback HM Treasury received to its previous consultation that ran between February and April 2023: Regulation of Buy-Now Pay-Later: consultation on draft legislation