StepChange responds on FCA BNPL interventions

StepChange Debt Charity is pleased to note the Financial Conduct Authority’s interventions today in the Buy Now, Pay Later market.

Richard Lane, Director of External Affairs at StepChange Debt Charity, said: “We’re pleased to see the FCA being pro-active in the buy now, pay later sector, using its existing powers to drive improvements in advance of the implementation of Government proposals to bring BNPL into the consumer credit regulatory framework and within the FCA conduct rulebook.

“The four areas in which the FCA has been able to work with firms to drive contractual improvement are welcome, but not a substitute for regulation that will ensure the promotion of BNPL and the treatment of customers are fully up to the standards expected of other forms of consumer credit.”