UK FCA directions for the temporary permission regime for deferred payment credit in force

The UK Financial Conduct Authority (FCA) has published an updated webpage with newly issued directions, setting out the process for firms to register for the temporary permission regime (TPR) for deferred payment credit (DPC), formerly known as buy now, pay later. The directions came into force the same day.

DPC will be regulated by the FCA from 15 July ("regulation day"). Firms which were carrying on DPC activity on 15 July 2025 may continue operating under the TPR while their authorisation applications are considered. To enter the TPR, firms must notify the FCA using the prescribed form during the notification window, which runs from 15 May to 1 July, and pay the registration fee of GBP280. Firms granted temporary permission will be able to submit their substantive authorisation applications from 8 July.

Firms that were not carrying on DPC activity on 15 July 2025, or do not intend to continue after regulation day, do not need to register. Firms without authorisation or temporary permission may also continue to service DPC agreements that were taken out before regulation day as these agreements will remain exempt.

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