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Nigel TAYLOR Published
July 17, 2025
BNPL financiers and retailers may be breathing a sigh of relief. Tougher legislative control over the buy-now-pay-later sector may be delayed, according to Sky News.
The report said the government is poised to shelve plans to crack down on Britain’s fastest-growing financing sector amid concerns it could curb the availability of low-interest products in the face of the cost-of-living crisis.
It cited treasury officials being told during recent talks with the industry that a number of its biggest players could also quit the UK market if they’re subjected to "heavy-handed" regulation.
One source said a final decision had yet to be taken but that the Treasury was leaning towards delaying any legislation, without a timescale in mind.
In total, well over £10 billion has been lent to consumers by BNPL companies in the last three years, with the fashion industry benefiting from the instalment payment schemes. However, campaigners increasingly argue the BNPL sector is in need of urgent regulation by the Financial Conduct Authority (FCA).
City minister Andrew Griffith is still said to be considering a range of options following the recent conclusion of a process to consult on draft legislation, the report said.
The treasury announced in February 2025 that it would bring unregulated BNPL services under the auspices of the FCA, followed by a consultation document on draft legislation in February this year.