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October 31, 2023
On the web
FCA Secures Contract Changes for Buy-Now-Pay-Later Customers as More Consumers Use the Product
FCA
November 10, 2022
On the web
FCA Threatens BNPL Bosses With Jail Time and Fines As Laybuy Nears Profitability
AltFi
“The Financial Conduct Authority ( FCA) has written to ‘buy now, pay later’ (BNPL) execs warning they could face jail time if they fail to comply with financial promotion rules. Although not all BNPL ‘agreements’ are required to be authorised by the FCA, it said that financial promotions do fall within its jurisdiction, and therefore must still comply with “certain regulatory requirements”, in a letter seen by AltFi. As first reported by City AM , the FCA has warned that communication or explainers about products constitute “financial promotions” and so fall under its remit. The letter outlined that financial promotions must be “clear, fair and not misleading”, with the offence for non-compliance carrying a maximum sentence of two years imprisonment, a fine, or both.”
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