Asked by: Stella Creasy (Labour (Co-op) - Walthamstow)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what estimate he has made of the number of people referred to debt collection agencies by buy now pay later firms in each of the last 12 months.
Answered by John Glen
HM Treasury does not hold information on the number of people accessing financial products through Buy-Now-Pay-Later firms, the number of people referred to debt collection agencies by Buy-Now-Pay-Later firms, or the total level of debt owed to Buy-Now-Pay-Later firms.
On 2 February, the Government announced its intention to regulate Buy-Now-Pay-Later products. On 17 March, the Government tabled an amendment to the Financial Services Bill (now Act) to allow the Government to bring Buy-Now-Pay-Later products into the scope of FCA regulation in a proportionate way. Treasury and FCA are now working closely to publish a consultation document soon.
Asked by: Stella Creasy (Labour (Co-op) - Walthamstow)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what estimate he has made of the number of people accessing financial products through buy now pay later firms in each of the last 12 months.
Answered by John Glen
HM Treasury does not hold information on the number of people accessing financial products through Buy-Now-Pay-Later firms, the number of people referred to debt collection agencies by Buy-Now-Pay-Later firms, or the total level of debt owed to Buy-Now-Pay-Later firms.
On 2 February, the Government announced its intention to regulate Buy-Now-Pay-Later products. On 17 March, the Government tabled an amendment to the Financial Services Bill (now Act) to allow the Government to bring Buy-Now-Pay-Later products into the scope of FCA regulation in a proportionate way. Treasury and FCA are now working closely to publish a consultation document soon.
Asked by: Stella Creasy (Labour (Co-op) - Walthamstow)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what recent discussions his Department has had with the Competition and Markets Authority on the regulation of buy now pay later companies.
Answered by John Glen
Treasury Ministers and officials have meetings with a wide variety of organisations in the public and private sectors as part of the process of policy development and delivery. Details of ministerial and permanent secretary meetings with external organisations on departmental business are published on a quarterly basis and are available at: HMT ministers' meetings, hospitality, gifts and overseas travel - GOV.UK (www.gov.uk)
Asked by: Stella Creasy (Labour (Co-op) - Walthamstow)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps he is taking to protect consumers that purchase pre-paid funeral plans.
Answered by John Glen
I refer the Hon Member to the answer that I gave on 20 May to the Hon Member for South Holland and The Deepings to PQs UIN: 2183, 2184 and 2185.
Asked by: Stella Creasy (Labour (Co-op) - Walthamstow)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if he will publish a list of the meetings (a) in-person, (b) online and (c) by phone and other correspondence that (i) Ministers and (ii) in his Department officials have had with buy now, pay later companies in 2021 to date; and what the names were of those companies.
Answered by John Glen
Treasury Ministers and officials have meetings with a wide variety of organisations in the public and private sectors as part of the process of policy development and delivery. Details of ministerial and permanent secretary meetings with external organisations on departmental business are published on a quarterly basis and are available at: