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Updates following the latest FCA rule changes
Following a market study into the use of Buy Now Pay Later Products, the FCA opened a consultation on the high cost of credit in May 2018. The final rules have now been issued (12th June 2019), with changes designed to increase consumer protection in the Buy Now Pay Later space.
Barclays Partner Finance welcomes the FCA ruling on Buy Now Pay Later changes to support good customer outcomes. As a responsible lender, BPF has an obligation to ensure that our credit brokers have complied with the ruling by the implementation deadline.
The final rules are available via the FCA website.
What you need to do now
Whilst the partial payment ruling is for BPF to solve, as an FCA authorised firm you will need to ensure that your advertising, adequate explanation and disclosures comply with the new rules. It is your responsibility to ensure all communications with your customers are in line with the FCA rules, and the Advertising Standards Codes of Practice.
To meet our oversight of credit broker obligations, and as agreed in our contract, we will be monitoring the promotion of our products and services. If your financial promotions are not compliant by the deadline (12th September) we may consider withdrawing your access to the BNPL product.
Advertising & Other Communications
Requirement
Barclays Partner Finance Approach to BNPL Changes
To help clients interpret what needs to change, BPF have begun redrafting the terms and conditions for Buy Now Pay Later, in readiness for the change to the product. Our terms and conditions for early repayment will be broken into three sections:
To discuss your business requirements and how Barclays can support you, contact us today.