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Response to FCA Consultation CP26/15: CONC 3: Reviewing the Financial Promotions Rules for Consumer Credit

Anita Zhao Orcid Logo, Ruffin Relja Orcid Logo, Philippa Ward Orcid Logo

Research Report

Swansea University Author: Anita Zhao Orcid Logo

DOI (Published version): 10.23889/SUreport.72104

Abstract

We welcome the opportunity to respond to CP26/15. We write as academic researchersspecialising in consumer behaviour, financial decision-making, and Deferred Payment Credit(DPC)/Buy-Now-Pay-Later (BNPL). Our work draws on extensive mixed-methods researchwith UK consumers and on stakeholder engagemen...

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Published in: Research Report
Published: Swansea University 2026
URI: https://cronfa.swan.ac.uk/Record/cronfa72104
first_indexed 2026-06-18T09:36:25Z
last_indexed 2026-06-19T05:50:47Z
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spelling 2026-06-18T15:48:50.8136797 v2 72104 2026-06-18 Response to FCA Consultation CP26/15: CONC 3: Reviewing the Financial Promotions Rules for Consumer Credit ea60dfdee64a02b6d5536c75f2575a00 0000-0003-2957-8300 Anita Zhao Anita Zhao true false 2026-06-18 CBAE We welcome the opportunity to respond to CP26/15. We write as academic researchersspecialising in consumer behaviour, financial decision-making, and Deferred Payment Credit(DPC)/Buy-Now-Pay-Later (BNPL). Our work draws on extensive mixed-methods researchwith UK consumers and on stakeholder engagement across the BNPL ecosystem.Consistent with our previous consultation responses, we strongly support the FCA’s objectiveof balancing consumer protection, innovation, and proportionality.However, our research demonstrates that credit, particularly DPC/BNPL, is not simply afinancial product. It is embedded within retail environments, digital interfaces, and algorithmicmarketing systems that actively shape consumer behaviour. Financial promotions, therefore,are not neutral disclosures, but integral components of consumption systems. ResearchReportExternalBody Research Report Swansea University 18 6 2026 2026-06-18 10.23889/SUreport.72104 COLLEGE NANME Management School COLLEGE CODE CBAE Swansea University None 2026-06-18T15:48:50.8136797 2026-06-18T10:32:38.8141205 Faculty of Humanities and Social Sciences School of Management - Business Management Anita Zhao 0000-0003-2957-8300 1 Ruffin Relja https://orcid.org/0000-0001-9569-6247 2 Philippa Ward https://orcid.org/0000-0002-4971-8908 3 72104__37002__53c179331c904b4c900b6d67c45632c5.pdf 72104_VoR.pdf 2026-06-18T15:44:49.2106204 Output 234921 application/pdf Version of Record true Copyright: The Authors, 2026. true eng
title Response to FCA Consultation CP26/15: CONC 3: Reviewing the Financial Promotions Rules for Consumer Credit
spellingShingle Response to FCA Consultation CP26/15: CONC 3: Reviewing the Financial Promotions Rules for Consumer Credit
Anita Zhao
title_short Response to FCA Consultation CP26/15: CONC 3: Reviewing the Financial Promotions Rules for Consumer Credit
title_full Response to FCA Consultation CP26/15: CONC 3: Reviewing the Financial Promotions Rules for Consumer Credit
title_fullStr Response to FCA Consultation CP26/15: CONC 3: Reviewing the Financial Promotions Rules for Consumer Credit
title_full_unstemmed Response to FCA Consultation CP26/15: CONC 3: Reviewing the Financial Promotions Rules for Consumer Credit
title_sort Response to FCA Consultation CP26/15: CONC 3: Reviewing the Financial Promotions Rules for Consumer Credit
author_id_str_mv ea60dfdee64a02b6d5536c75f2575a00
author_id_fullname_str_mv ea60dfdee64a02b6d5536c75f2575a00_***_Anita Zhao
author Anita Zhao
author2 Anita Zhao
Ruffin Relja
Philippa Ward
format ResearchReportExternalBody
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publishDate 2026
institution Swansea University
doi_str_mv 10.23889/SUreport.72104
college_str Faculty of Humanities and Social Sciences
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hierarchy_top_id facultyofhumanitiesandsocialsciences
hierarchy_top_title Faculty of Humanities and Social Sciences
hierarchy_parent_id facultyofhumanitiesandsocialsciences
hierarchy_parent_title Faculty of Humanities and Social Sciences
department_str School of Management - Business Management{{{_:::_}}}Faculty of Humanities and Social Sciences{{{_:::_}}}School of Management - Business Management
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description We welcome the opportunity to respond to CP26/15. We write as academic researchersspecialising in consumer behaviour, financial decision-making, and Deferred Payment Credit(DPC)/Buy-Now-Pay-Later (BNPL). Our work draws on extensive mixed-methods researchwith UK consumers and on stakeholder engagement across the BNPL ecosystem.Consistent with our previous consultation responses, we strongly support the FCA’s objectiveof balancing consumer protection, innovation, and proportionality.However, our research demonstrates that credit, particularly DPC/BNPL, is not simply afinancial product. It is embedded within retail environments, digital interfaces, and algorithmicmarketing systems that actively shape consumer behaviour. Financial promotions, therefore,are not neutral disclosures, but integral components of consumption systems.
published_date 2026-06-18T06:03:08Z
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score 11.109323

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