New Clause 7 - Regulation of buy-now-pay-later firms

Financial Services Bill – in the House of Commons at 6:00 pm on 13th January 2021.

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“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.

Division number 194 Financial Services Bill — New Clause 7 - Regulation of buy-now-pay-later firms

Aye: 265 MPs

No: 355 MPs

Ayes: A-Z by last name

Tellers

Nos: A-Z by last name

Tellers

The House divided: Ayes 265, Noes 355.

Question accordingly negatived.

The list of Members currently certified as eligible for a proxy vote, and of the Members nominated as their proxy, is published at the end of today’s debates.