Buy Now Pay Later: A New Chapter in Consumer Credit Regulation

This article examines the UK’s decision to bring buy now, pay later (“BNPL”) products within the regulatory perimeter as “Deferred Payment Credit” from July 2026. A central theme of the Financial Conduct Authority’s (“FCA”) new rules is the shift toward a flexible, outcomes-based framework grounded in the Consumer Duty, placing greater emphasis on firms’ ability to evidence customer understanding and fair outcomes. The article highlights the practical implications for both