The Currency analytics
By Bruce Buterin
Buy now, pay later companies face new rules starting July 15, 2026. The Financial Conduct Authority dropped this bombshell after months of back-and-forth with industry players,…
Sarah Pritchard from the FCA didn't mince words when she talked about the changes coming down the pike.
Companies already doing BNPL business on July 15, 2025 can apply for temporary permission to keep operating while regulators review their applications.
The FCA's move mirrors what happened down in Australia, where regulators forced BNPL companies to get proper credit licenses.
Several big names are already scrambling to adjust their business models.
Klarna and Afterpay are reportedly reviewing their lending criteria and how they communicate with customers.
The British Retail Consortium has been pushing the FCA for more clarity on how these rules will affect checkout processes.
Consumer groups are cheering the changes. Citizens Advice issued a statement on February 10, 2026, praising the FCA's decision and saying these regulations could prevent…
The UK Treasury backed the FCA's timeline in a February 11 statement. A spokesperson said the measures are "crucial to ensuring that consumers are not exposed to unnecessary…
But plenty of questions remain unanswered. Some firms haven't disclosed their compliance plans yet, and approval for the regulatory framework is still pending in some areas.
The consultation process involved major BNPL providers sharing insights about operational realities and consumer needs.
The July 15, 2026 deadline gives companies about 16 months to get compliant. That might sound like plenty of time, but regulatory approval processes can drag on, and firms are…
The European Union has been watching the UK's regulatory approach closely, with several member states considering similar measures for their own BNPL markets.
Credit rating agencies have started factoring BNPL exposure into their assessments of both lenders and retailers.