Buy-now-pay-later providers must now be authorised by Central Bank

Finance watchdog also introduced an interest rate cap of 23 per cent APR on all credit agreements provided to consumers aside from money lending agreements

The Central Bank said it is ‘closing a consumer protection gap’. Picture: Fergal Phillips

The Central Bank of Ireland has extended its consumer protection regulations to include buy-now-pay-later (BNPL) firms, meaning these entities must now be regulated by the financial watchdog and are expected to conform to new regulations “at the earliest possible opportunity”.

The regulator said it had built upon existing regulatory regimes following the commencement of the Consumer Protection (Regulation of Retail Credit and Credit Servicing Firms) Act 2022 by the Minister of Finance, allowing it ...