Katrina Murray
Main Page: Katrina Murray (Labour - Cumbernauld and Kirkintilloch)Department Debates - View all Katrina Murray's debates with the HM Treasury
(2 months ago)
Commons ChamberRead Full debate Read Hansard Text Watch Debate Read Debate Ministerial Extracts
Katrina Murray (Cumbernauld and Kirkintilloch) (Lab)
“Buy now, pay later” is attractive to young people who are trying to survive on zero-hours contracts with irregular hours. What assurances can the Chancellor give me that the coming regulations will protect this group from problematic debt?
The Economic Secretary to the Treasury (Tulip Siddiq)
The proposed regulations will drive high standards of conduct among “buy now, pay later” firms, ensuring that consumers receive clear information and have access to strong protections. Our proposals will also allow the Financial Conduct Authority to require “buy now, pay later” firms to carry out affordability checks, ensuring that firms lend only to borrowers who can afford to repay.