BNPL came under FCA rules on 15 July 2026 — what actually changed
Regulation Day brought affordability requirements, the Consumer Duty and ombudsman access to buy-now-pay-later. It did not, on day one, make every firm fully authorised.
Buy-now-pay-later — deferred payment credit, in the regulatory vocabulary — came within the Financial Conduct Authority’s remit on 15 July 2026. Just over a month on, it is worth separating what changed immediately from what is still in progress.
What applies from Regulation Day
Affordability assessment. Firms are required to carry out proportionate checks that a customer can afford to repay before providing the credit. This is the substantive change, and it is the one most likely to alter who is offered a plan.
The Consumer Duty. BNPL firms fall within the Duty, which requires firms to act to deliver good outcomes for retail customers and covers products, price and value, consumer understanding and support.
Ombudsman access. The Financial Ombudsman Service’s compulsory jurisdiction has been extended to BNPL activities, so consumers have access to a formal complaints process and to the ombudsman for matters on or after 15 July 2026. Before that date, that route did not exist for these products.
Information requirements, including clearer disclosure about the credit being taken.
What did not change on day one
Not every firm operating on 15 July became fully authorised. The FCA opened a temporary permissions regime with registration running from 15 May to 1 July 2026; firms registered under it may continue operating while they apply for full authorisation, with six months from commencement in which to do so.
That means the market currently contains firms at different points in the process, and a customer looking at two providers may be looking at two different regulatory positions.
What we would tell readers to do
Check a firm’s status on the FCA Register yourself, and note whether what you find is a temporary permission or full authorisation. We will not assert any firm’s permissions on our own authority, and we would treat any publication that does — including comparison sites — with caution.
And the ordinary point that survives all regulation: buy-now-pay-later is credit. The rules improve the checks before it is offered and the routes available afterwards. They do not change what happens if you cannot pay.
Fin Watch is a publisher. We are not authorised or regulated by the Financial Conduct Authority and nothing here is financial advice.