Prior to the UK leaving the EU, EEA-based firms were able to operate in the UK without our direct authorisation.

The Temporary Permissions Regime, which allowed EEA firms to continue to operate in the UK while transitioning to the full UK regulatory regime, is coming to an end after 3 years. We are assessing the last of the firms in the regime for full authorisation, including some firms that offer regulated lending products, but also offer unregulated Buy Now Pay Later (BNPL) products.

Which products and services fall under our remit is decided by the Government with Parliamentary approval. At the moment, exempt BNPL products have not been brought under our regulation.

While BNPL products can provide a useful way to spread the cost of a purchase for some people, it’s important that consumers are aware that many BNPL products remain unregulated.