BNPL Set to Come Under Supervision of UK’s FCA

This week marks a new era for buy now, pay later (BNPL) products in the U.K. Beginning Wednesday (July 15), these interest-free installment products will be governed by the country’s Financial Conduct Authority (FCA) for the first time, putting a payment option used by roughly 11 million British consumers into the regulatory framework governing mainstream credit. With the new rules, BNPL must secure FCA authorization or temporary permission, carry out proportionate affordability checks before ex