New Clause 17 - Regulation of buy-now-pay-later firms

Financial Services Bill – in a Public Bill Committee at 3:00 pm on 3 December 2020.

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“The Treasury must by regulations make provision for—

(a) buy-now-pay-later credit services, and

(b) other lending services that have non interest-bearing elements

to be regulated by the FCA.”—

This new clause would bring the non interest-bearing elements of bring buy-now-pay-later lending and similar services under the regulatory ambit of the FCA.

Brought up, and read the First time.

Question proposed, That the clause be read a Second time.

Division number 12 Financial Services Bill — New Clause 17 - Regulation of buy-now-pay-later firms

Aye: 6 MPs

No: 10 MPs

Aye: A-Z by last name

No: A-Z by last name

The Committee divided: Ayes 6, Noes 10.

Question accordingly negatived.