What happened?
From 15 July, buy now, pay later providers fall fully within the UK regulatory perimeter, bringing affordability checks, clearer disclosures and Consumer Duty obligations into focus.
In Ruth Prickett’s piece for Compliance Week, TCC Group CEO Joe Norburn explains why this shift was always likely, given the rapid growth of frictionless borrowing outside full regulation.
Why does it matter?
Joe Norburn argues that stronger oversight should help address the risks created by frictionless borrowing, particularly for customers with lower financial resilience who may be more exposed to unaffordable borrowing.
The change signals that BNPL can no longer be treated as a lightly supervised alternative to mainstream credit, and firms should expect the same scrutiny applied to other regulated lending.
Supporting sources
Frequently asked questions
When did BNPL come under full UK regulation?
BNPL providers fell fully within the UK regulatory perimeter from 15 July, bringing affordability checks, clearer disclosures and Consumer Duty obligations into scope.
Why does TCC's CEO see this as positive?
Joe Norburn believes stronger oversight should help address the risks created by frictionless borrowing, particularly for customers with lower financial resilience.
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Reviewed by TCC Group Editorial Team