“Within three months of this Act being passed, the Treasury must by statutory regulations make provision for the protection of consumers from unaffordable debt by requiring the FCA to regulate—
(a) buy-now-pay-later credit services, and
(b) other lending services that have non-interest-bearing elements.”—(Stella Creasy.)
This new clause would bring the non-interest-bearing elements of buy-now-pay-later lending and similar services under the regulatory ambit of the FCA.
Brought up, and read the First time.
Question put, That the clause be read a Second time.