Call 020 7794 5757 - Email info@numerallp.com

UK outlines plans to tighten 'buy now pay later' rules

The UK government has announced plans to strengthen rules on 'buy now pay later' services, improving protection for users of the short-term credit.

23 Jun 2022

The UK government has announced plans to strengthen rules on 'buy now pay later' services, improving protection for users of the short-term credit.

The announcement is a response to a consultation that closed in January. It follows concerns raised around the model and consumer protection as the cost-of-living crisis deepens.

The government proposals, which will apply to other forms of short-term debt, will require lenders to carry out affordability checks on consumers and to be approved by the Financial Conduct Authority.

The plans will also amend financial promotion rules to ensure adverts are not misleading and allow consumers to take complaints to the Financial Ombudsman Service.

Economic Secretary to the Treasury, John Glen said: 'Buy now pay later can be a helpful way to manage your finances but we need to ensure that people can embrace new products and services with the appropriate protections in place.

'By holding buy now pay later to the high standards we expect of other loans and forms of credit, we are protecting consumers and fostering the safe growth of this innovative market in the UK.'

Newsletter sign-up

Why not register to receive our Monthly Newswire?

Once a month we'll send you an email packed full of essential business news and handy tax tips to help save you money.

Sign-up today

Try a site search Tax return, dividends, pension, autumn statement...

Company details

020 7794 5757

Numera, 4th Floor Charles House, 108-110 Finchley Road, London NW3 5JJ

Numera is a trading name of Numera Partners LLP | Company Registration No. OC365787 | Place of Registration: England & Wales | Registered to carry on audit work in the UK by the Institute of Chartered Accountants in England and Wales.

About us

Numera is a newly established forward-thinking firm of chartered accountants, with over 25 years in experience of audit, accountancy, taxation and business advisory services.

We work with clients in a large variety of industries and sectors; from sole traders to multi-million pound turnover organisations. We aim to create and maintain a close relationship with our clients. By being so involved, we are able to identify opportunities for our clients as well as possible risks that our clients may be faced with.

© 2022 Numera. All rights reserved. We use cookies on this website, you can find more information about cookies here.