Loans news in 2023
16 stories, newest first.
- December 2023
Consumer Council research finds BNPL is second highest form of credit used
Consumer Council research published on 6 December 2023 found buy now pay later was the second highest form of credit used in Northern Ireland over the past three years.
- October 2023
FCA acts against unclear or unfair contract terms of two BNPL firms
The Financial Conduct Authority last used its powers under the Consumer Rights Act 2015 in October 2023 against two buy now pay later firms, according to a Treasury impact assessment published in May 2025.
UK Government launches consultation on bringing BNPL into FCA regulation
The UK Government opened a six-week consultation in October 2023 on draft legislation to bring buy now pay later products inside the Financial Conduct Authority's regulatory perimeter.
- September 2023
Plan 5 introduced for students starting university in 2023-24
Students starting university in England in 2023-24 borrow under Plan 5, which charges RPI-only interest, sets a lower repayment threshold and writes off debt after 40 years rather than 30.
Recent rule change makes 200,000 more benefit claimants eligible for SMI loan
A rule change to the government's Support for Mortgage Interest loan has extended eligibility to 200,000 more benefit claimants, according to Which?, which reports the figure alongside new survey findings on borrower reluctance.
- August 2023
Plan 5 applies to courses started on or after 1 August 2023
Students who began undergraduate courses through Student Finance England on or after 1 August 2023 are on repayment Plan 5, with a £25,000 income threshold and a 40-year write-off.
Student loan repayment rules changed for new students from August 2023
Students starting university from August 2023 face a lower repayment threshold of £25,000, a 40 year write-off period and interest capped at RPI, under repayment rules that differ from earlier cohorts.
- June 2023
Possession protection commitment takes effect
From 26 June 2023 lenders signed up to the Mortgage Charter will not force a borrower out of their home within a year of a first missed payment, except in exceptional circumstances.
Plan 1 to 5 loan definitions inserted by 2022 Amendment Regulations
Regulations defining plan 1 to plan 5 student loans were inserted into the Education (Student Loans) (Repayment) Regulations 2009 with effect from 6 April 2023.
Government aims to lay secondary legislation on BNPL regulation in mid-2023
HM Treasury has set out its response to the buy now pay later consultation, confirming plans to lay secondary legislation in mid-2023 that would set the scope and framework of the new regime.
- April 2023
Amendment (No. 4) Regulations 2022 changes take effect
Amendments to the Education (Student Loans) (Repayment) Regulations 2009 made by the Amendment (No. 4) Regulations 2022 took effect on 6 April 2023, changing repayment rules including a plan 5 repayment holiday.
Government consultation on BNPL regulation closes
A government consultation on regulating buy now, pay later services closed in April 2023, with the Financial Conduct Authority potentially overseeing the sector by the end of that year.
- February 2023
HM Treasury publishes consultation on draft BNPL legislation
HM Treasury has opened a consultation on draft legislation that would bring interest-free Buy-Now Pay-Later products under Financial Conduct Authority regulation, with responses due by 11 April 2023.
Consultation launched on a regulatory regime for BNPL applying the CCA's provisions
The government has set out plans to bring buy now pay later products under Financial Conduct Authority regulation, publishing an impact assessment alongside secondary legislation laid in May 2025.
NatWest extends repayment period for customers missing several payments on unsecured debt
NatWest is extending the repayment period for customers who have missed several payments on an unsecured debt such as a loan or overdraft from 18 to 24 months, from February 2023.
- January 2023
Interest rate cap at prevailing market rate inserted for plan 2, 3 and 5 loans
Regulations made on 13 December 2022 cap interest on plan 2, 3 and 5 student loans at the prevailing market rate, with parts commencing on 16 January 2023 and the remainder on 6 April 2023.