Category: Consumer Law

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FCA secures contract changes for BNPL customers

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.

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Success for the CMA’s COVID-19 Taskforce

Following on from the Competition and Market Authority’s (CMA) statement in May 2020, holiday accommodation provider, Vacation Rentals, has voluntarily changed its policy after originally failing to offer refunds to all customers whose trips were cancelled.

Vacation Rentals (who operates sites including Hoseasons and Cottages.com) is just one holiday accommodation provider which was reported to the CMA’s COVID-19 Taskforce. Vacation Rentals has now given the CMA a formal commitment that customers will have the option of a full refund if a booking has been cancelled because of restrictions associated with the coronavirus outbreak.

The CMA says some other providers have not yet agreed to follow the approach of Vacation Rental and the CMA continues to investigate.

Read the full update here.