On 31 October 2023, the UK Financial Conduct Authority published a press release setting out the contract changes to buy-now pay-later products it had secured from both PayPal and QVC.
The FCA’s view was the follow terms were potentially unfair or unclear for customers:
– (for both) the terms dealing with continuous payment authorities; and
– PayPal’s terms on what happens when a consumer cancels their purchase funded by the BNPL agreement.
The FCA also published:
– the undertaking given by PayPal (Europe) S.à.r.l. et Cie, S.C.A.; and
– the undertaking given by QVC UK.
The FCA used its powers under the Consumer Rights Act 2015 to secure the changes.