Your Klarna plan is from June. Your Clearpay one is from August. Only one of them can have the new protection.
Short answer: Since 15 July 2026 the FCA regulates most interest-free buy now pay later, which it calls deferred payment credit. New plans from that date need an affordability check and clear information, and you can use the Financial Ombudsman and Section 75. Plans taken out before 15 July are not covered. Free advice: StepChange on 0800 138 1111.
What changed on 15 July
| Protection | New plans from 15 July 2026 |
|---|---|
| Regulated by the FCA | Yes, if the plan fits the definition below |
| Affordability check | Lender must check you can repay |
| Information up front | Amount, payment dates, any late fee and your rights |
| Missed payment | Firm must contact you and explain what it means |
| Financial difficulty | Lender must provide support |
| Complaints | Lender, then Financial Ombudsman Service |
| Refund route | Section 75 of the Consumer Credit Act, as with a credit card |
Every row comes from the FCA’s consumer page, last updated 6 August 2026 (FCA). The same page says agreements taken out before 15 July 2026 remain unregulated, so none of this applies to them. A law firm summary says providers must also be authorised or hold a temporary permission, and become subject to the Consumer Duty (Wiggin).
Check which of your plans count
The FCA’s definition has four tests. Run each plan through them:
- Taken out on or after 15 July 2026.
- Interest-free.
- Repayable in 12 or fewer instalments over 12 months or less.
- The lender and the seller of the goods are different businesses. If the shop itself offers you the credit, it is not regulated.
The FCA page also mentions interest-charging BNPL products, but does not say how the new rules apply to them, so ask the provider directly.
What the rules do not settle
Credit files: the FCA page does not mention credit reporting, so whether a plan appears on your file depends on the provider. Existing plans: nothing changes for them. And a regulated plan is still borrowing. The rules mean a check before lending and help afterwards, not that repayments become optional.
If a payment is slipping
The FCA’s own advice is to contact your lender as soon as you are struggling, and it points to MoneyHelper and its Debt Advice Locator for free local services (FCA). Add your plans up first. If the total is more than your spare cash, read debt management plans and speak to StepChange before a missed payment turns into a bigger problem.
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Before you panic, read these
Is my old Klarna or Clearpay plan covered?
Not if you took it out before 15 July 2026. The FCA says agreements taken out before that date remain unregulated (FCA). New plans from that date can be covered.
Does every BNPL plan get the new protection?
No. The FCA describes regulated deferred payment credit as interest-free, repayable in 12 or fewer instalments over 12 months or less, and regulated where the lender and the seller are different businesses. It is not regulated where the same business supplies both the goods and the credit (FCA).
Can I get a refund through my BNPL provider if the goods never arrive?
The FCA page says Section 75 of the Consumer Credit Act is available for regulated plans, the same protection as paying by credit card (FCA). Check that your plan is a regulated one first.
Will BNPL now show on my credit file?
The FCA page we read does not say. Do not assume. Ask your provider whether it reports, and see how to check your credit score for free to look at your own file.
I missed a payment. What should happen?
The FCA says firms must contact you if you miss a repayment and explain what it means, and must support you if you are in financial difficulty (FCA). Contact the lender early. Read what happens if you stop paying a debt.
Where do I complain?
Complain to the lender first, then to the Financial Ombudsman Service if you are unhappy with the reply (FCA).
Is there free help?
Yes. StepChange offers free, impartial debt advice on 0800 138 1111 (StepChange).
Disclaimer: DebtShift is an educational platform operated by H Ali Logistics Ltd, which is not authorised or regulated by the Financial Conduct Authority (FCA). This article is general education, not financial or legal advice. For free, impartial debt advice, contact StepChange on 0800 138 1111.
Sources
- FCA, Buy now pay later (last updated 6 August 2026)
- Wiggin, Buy now pay later new rules come into force
- StepChange
Last reviewed October 2026
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