Core Viewpoint - The UK's Financial Conduct Authority (FCA) will implement full consumer credit regulation for Buy Now Pay Later (BNPL) services starting 15 July 2026, following a government directive to enhance regulatory oversight in this sector [1]. Regulatory Changes - BNPL agreements will now be subject to the Consumer Duty, ensuring that consumers receive clearer information regarding repayment terms, including due dates and payment amounts, as well as the consequences of missed payments [2]. - Firms offering BNPL products will be mandated to conduct affordability checks prior to credit approval and must provide support to customers experiencing financial difficulties, including directing them to free debt advice when appropriate [2]. Consumer Protections - Consumers will gain access to the Financial Ombudsman Service for complaints related to BNPL providers, and all firms wishing to offer BNPL products will require authorization, with pre-application guidance provided to assist in compliance [3]. - FCA deputy chief executive Sarah Pritchard emphasized the importance of ensuring that consumers are not lent money they cannot repay, highlighting the need for proportionate protections for the 11 million users of BNPL services [4]. International Context - The regulatory landscape for BNPL services varies internationally, with the US Consumer Financial Protection Bureau classifying BNPL providers as credit card issuers last year [4].