Partner Michelle Kirschner Shares Insights on U.K. Consumer Finance Reforms with Thomson Reuters Regulatory Intelligence

In the Media  |  May 21, 2025

Thomson Reuters Regulatory Intelligence

Speaking to Thomson Reuters Regulatory Intelligence, partner Michelle Kirschner has supported the U.K. government’s plans to regulate the “Buy Now, Pay Later” (BNPL) sector and shift oversight to the Financial Conduct Authority (FCA). She noted that the 50-year-old Consumer Credit Act regime is long overdue for reform, particularly given evolving consumer behavior and technological change.

As the FCA prepares to consult on proposed rules, Michelle expects a more tailored approach. “Overall, it is likely that the new regime will feel familiar … but will be tailored to the specificities of the BNPL sector and should greatly increase the protections available to oftentimes the more vulnerable consumers.”

Michelle is Co-Chair of our Financial Regulatory Practice Group.