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UK BNPL Regulation Takes Effect Today, Affecting 11 Million Users as FCA Brings £13 Billion Market Under Oversight

GateNews
The UK Financial Conduct Authority has begun regulating Buy Now Pay Later on July 15, 2026, requiring third-party lenders to conduct affordability assessments before extending credit. The regime brings the BNPL market, used by 10.9 million UK adults, under formal consumer credit rules for the first time. According to the FCA, the market expanded from £60 million in 2017 to more than £13 billion in 2024. Lenders must now be FCA-authorized, comply with consumer duty standards, explain repayment terms clearly and support customers in financial difficulty. Regulated agreements also qualify for Financial Ombudsman Service access and, in some cases, Section 75 consumer protections. Prior agreements remain outside the new regime. Fair4All Finance estimates between 10% and 30% of current users could be rejected under stricter affordability checks.
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