Partner Michelle Kirschner of Gibson Dunn has expressed her support for the U.K. government’s plans to regulate the “Buy Now, Pay Later” (BNPL) sector. In a conversation with Thomson Reuters Regulatory Intelligence, she highlighted the need for reform of the 50-year-old Consumer Credit Act regime, citing changes in consumer behavior and technological advancements.
Kirschner emphasized that as the Financial Conduct Authority (FCA) prepares to consult on proposed rules, a more tailored approach is expected. She stated, “Overall, it is likely that the new regime will feel familiar … but will be tailored to the specificities of the BNPL sector and should greatly increase the protections available to oftentimes the more vulnerable consumers.”
Michelle Kirschner serves as Co-Chair of Gibson Dunn’s Financial Regulatory Practice Group.
