Tag: Consumer Credit

New Regulation Tomorrow plus podcast – HM Treasury final consultation on the regulation of BNPL products

In this podcast, Matthew Gregory and Simon Lovegrove discuss HM Treasury’s final consultation on the proposed legislative changes to bring currently unregulated buy-now-pay-later products into scope of the UK Consumer Credit Act 1974, and FCA regulation.… Continue Reading

Regulation of Buy-Now Pay-Later: HM Treasury consultation on draft legislation

Introduction HM Treasury has now released its final consultation on the proposed legislative changes to bring currently unregulated buy-now-pay-later (BNPL) products into scope of the UK Consumer Credit Act 1974, and FCA regulation. These proposals, together with the earlier consultation documentation and responses from HM Treasury set out a new, proportionate regulatory framework for BNPL … Continue Reading

Commission welcomes political agreement on the proposed revised Consumer Credit Directive

On 2 December 2022, the European Commission announced that it welcomed the provisional political agreement reached between the European Parliament and the Council on the proposed revised Consumer Credit Directive. The European Parliament and the Council now need to formally adopt the political agreement.… Continue Reading

European Parliament draft report on the proposed Directive on consumer credits

On 12 July 2022, the European Parliament published compromise amendments on the draft report on the Proposal for a Directive of the European Parliament and of the Council on consumer credits. Overall, MEPs want better protection for consumers applying for loans online. The new EU rules aim at protecting consumers online from credit card debt, … Continue Reading

Government responds to BNPL consultation

Introduction On 20 June 2022, HM Treasury published the government’s response to its October 2021 consultation on the regulation of Buy-Now Pay-Later (BNPL) products. The consultation was preceded by an announcement from the government in February 2021, indicating that it wanted to bring unregulated interest-free BNPL products within the scope of regulation given the potential … Continue Reading

ASIC releases six-monthly enforcement report: 256 enforcement outcomes and plenty more in the pipeline

ASIC, which is Australia’s corporate, markets and financial services regulator, has over the last six months achieved a bumper 256 enforcement outcomes designed to protect consumers and enhance the fairness and efficiency of the financial markets.  These enforcement outcomes included criminal, civil and administrative actions in addition to negotiated outcomes such as enforceable undertakings. While … Continue Reading
LexBlog