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Status: Please note you should read all Brexit changes to the FCA Handbook and BTS alongside the main FCA transitional directions. Where these directions apply the 'standstill', firms have the choice between complying with the pre-IP completion day rules, or the post-IP completion day rules. To see a full list of Handbook modules affected, please see Annex B to the main FCA transitional directions.

BNPL agreement

    a regulated credit agreement (whether an agreement for running-account credit or fixed-sum credit) which is a borrower-lender-supplier agreement:

    (1) to finance the acquisition of goods, or goods and services, from:

    (a) the lender; or

    (b) a supplier that is in a limited network of suppliers under a direct commercial agreement with the lender,

    and where the credit cannot be used for any other purpose, including an agreement for a store card but excluding an agreement for a credit card; and

    (2) the terms of which have or may have the effect that some, or all, of the credit advanced under the agreement meets the definition of BNPL credit.