Stuart Davis
Updates
Banking & Financial Services
United Kingdom to regulate buy-now-pay-later market
United Kingdom | 23 February 2021The government has announced that interest-free buy-now-pay-later (BNPL) credit agreements will be regulated by the Financial Conduct Authority. At present, the BNPL market operates under an exemption from regulations for consumer credit lending. The announcement comes as a review of the unsecured credit market unexpectedly urgently recommends regulating all BNPL products.
BoE governor speaks: payments firms should expect regulatory change
United Kingdom | 29 September 2020Bank of England Governor Andrew Bailey recently delivered a speech entitled "Reinventing the Wheel (with more automation)", in which he outlined regulatory changes that payments market participants can expect, including as part of the global regulatory response to stablecoins. Bailey emphasised the importance of not stifling innovation and highlighted the benefits that stablecoins, in particular, could offer.
