Buy Now Pay Later

A financial institution must take reasonable steps to rectify errors when they sell assets contrary to a customer's explicit instructions, and compensation should reflect the actual loss suffered rather than speculative future outcomes.

A financial services provider must conduct business with due skill, care and diligence, communicate clearly with customers, and complete ISA transfers within a reasonable timeframe (industry standard 30 calendar days).

An insurer must obtain fair market valuations for total loss claims using industry trade guides, and must take reasonable steps to preserve a policyholder's possessions before disposing of a vehicle.

Banks are not liable for international payment delays caused by issues with payment details, other financial institutions, or circumstances beyond their control, though they must provide fair service in their handling of the matter.

A lender must remove defaults from credit files as agreed, but compensation for financial loss requires clear evidence that the delay was the sole or primary cause of that loss.

A creditor is not liable for missed payments resulting from unauthorized borrowing where the account holder gave apparent authority to the family member to access and use the account.

A lender is not required to provide reminder notifications about Buy Now Pay Later expiry dates, and interest accrues in accordance with agreed terms when the balance is not paid by the specified deadline.

A lender is not liable under Section 75 of the Consumer Credit Act 1974 for misrepresentation or breach of contract claims unless the consumer can demonstrate a factual and material misrepresentation or specific breach of the supply contrac

A lender is not jointly and severally liable under section 75 of the Consumer Credit Act 1974 for a supplier's misrepresentations unless the consumer can establish an actionable misrepresentation and/or breach of contract by the supplier.

A lender cannot be held liable under Section 75 of the Consumer Credit Act for claims that are time-barred under the Limitation Act 1980.

Firms must report accurate account information to Credit Reference Agencies in accordance with their terms and conditions, and no additional warning is required before reporting missed payments when the terms and conditions and privacy noti

A lender must carry out proportionate affordability checks appropriate to the circumstances, which may include income verification via open banking and assessment of expenditure through statistical data and credit searches.