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Buy Now Pay Later products brought under FCA regulation from January 2027 — News

Buy Now Pay Later products brought under FCA regulation from January 2027

The Financial Services and Markets Act 2023 extends FCA oversight to BNPL lenders. Providers must carry out affordability checks and borrowers gain the right to complain to the Financial Ombudsman.

The Treasury confirmed in October 2026 that buy now, pay later (BNPL) products — deferred payment arrangements offered at checkout by providers such as Klarna, Clearpay, and Laybuy — will be brought within Consumer Credit Act 1974 regulation from 1 January 2027, using powers under the Financial Services and Markets Act 2023. The Financial Conduct Authority published its final rules in October 2026.

From January 2027, BNPL providers must: carry out proportionate affordability assessments before extending credit; provide clear pre-contractual information in a standardised summary box; and allow borrowers to complain to the Financial Ombudsman Service if things go wrong. Section 75 of the Consumer Credit Act 1974 — which makes a lender jointly liable for a retailer's breach of contract for purchases between £100 and £30,000 — will apply to regulated BNPL agreements.

Currently, BNPL borrowers have no FCA protection if a BNPL provider acts unfairly or a retailer fails to deliver. From January 2027, borrowers will be able to complain to the FOS free of charge if their BNPL provider fails to treat them fairly, applies excessive late fees, or provides inaccurate information. Citizens Advice has updated its guidance on borrowing money to cover the new BNPL rights. The StepChange Debt Charity provides free advice if BNPL debt is becoming unmanageable.

This item summarises a legal development for general information only. It is not legal advice. Always check the official text and, for your own situation, consult a qualified lawyer.

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