Financial Services Bill — New Clause 7 — Regulation of Buy-Now-Pay-Later Firms — 13 Jan 2021 at 18:00
The majority of MPs voted against greater regulation of buy-now-pay-later credit services, and other lending services that have non-interest-bearing elements, to protect consumers from unaffordable debt.
The proposed new clause which was rejected in this vote was titled: Regulation of buy-now-pay-later firms and stated:
- 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.
The rejected new clause was accompanied by the following statement from its proposer:
- 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.
FCA is a reference to the Financial Conduct Authority.
-  Parliament's webpage on the Financial Services Bill, Parliament.uk
-  Explanatory notes to the Financial Services Bill, Parliament.uk
Votes by party, red entries are votes against the majority for that party.
What is Tell? '+1 tell' means that in addition one member of that party was a teller for that division lobby.
What are Boths? An MP can vote both aye and no in the same division. The boths page explains this.
What is Turnout? This is measured against the total membership of the party at the time of the vote.
|Party||Majority (No)||Minority (Aye)||Both||Turnout|
|Con||352 (+2 tell)||1||0||97.5%|
|Lab||0||196 (+2 tell)||0||99.0%|
|Philip Hollobone||Kettering||Con (front bench)||aye|
|Jim Shannon||Strangford||DUP (front bench)||aye|