Credit: Debt Collection

(asked on 8th September 2021) - View Source

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what estimate he has made of the total level of debt owed to buy now pay later firms at the end of (a) February 2021 and (b) August 2021.


Answered by
John Glen Portrait
John Glen
Paymaster General and Minister for the Cabinet Office
This question was answered on 13th September 2021

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.

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