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1234273

	registered interest
	date	15/09/2020
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Credit
	house id	1
	legislature	25259 pref label House of Commons
	question text	What steps his Department is taking to help ensure that buy now pay later lenders comply with guidance set out by the (a) Financial Conduct Authority and (b) Advertising Standards Agency.
	tabling member constituency	Walthamstow
	tabling member printed	Stella Creasy
	uin	906085
	answer	answer is ministerial correction date of answer 15/09/2020 answer text <p>Where a buy now pay later lender is offering a regulated credit agreement, it must be authorised and regulated by the Financial Conduct Authority. Where an authorised firm breaches FCA rules and guidance, the FCA is able to take action against them.</p><p> </p><p>Where a firm breaks the UK Advertising Codes, the Advertising Standards Authority is able to ban those advertisements.</p> answering member constituency Salisbury answering member printed John Glen question first answered 15/09/2020 13:03:09 answering member 4051 label Biography information for John Glen
	tabling member	4088 label Biography information for Stella Creasy

1145044

	registered interest
	date	05/09/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Debt Respite Scheme
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, whether guarantor loans will be included in the Breathing Space Scheme to increase protection for the (a) borrower and (b) guarantor and provide and ensure that customers have the time to receive appropriate advice.
	tabling member constituency	Walthamstow
	tabling member printed	Stella Creasy
	uin	287541
	answer	answer is ministerial correction date of answer 30/09/2019 answer text <p>Under the breathing space scheme individuals in debt will receive protections on a wide range of their debts, including guarantor loans.</p> answering member constituency Salisbury answering member printed John Glen question first answered 30/09/2019 09:43:27 answering member 4051 label Biography information for John Glen
	tabling member	4088 label Biography information for Stella Creasy

1441352

	registered interest
	date	15/03/2022
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Credit: Regulation
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, when he plans to publish the Government's response to its consultation on the Regulation of Buy-Now Pay-Later.
	tabling member constituency	Walthamstow
	tabling member printed	Stella Creasy
	uin	140430
	answer	answer is ministerial correction date of answer 18/03/2022 answer text <p>The Government published a consultation on policy proposals for the regulation of Buy-Now Pay-Later (BNPL) on 21 October 2021, which closed on 6 January 2022. The Government is now reviewing responses to this consultation and considering next steps, and intends to publish a consultation response in the spring.</p> answering member constituency Salisbury answering member printed John Glen question first answered 18/03/2022 11:55:42 answering member 4051 label Biography information for John Glen
	tabling member	4088 label Biography information for Stella Creasy

1145042

	registered interest
	date	05/09/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Debts: Repayments
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, when he plans to (a) implement the Statutory Debt Repayment Plan and (b) bring forward legislative proposals to compel all creditors that will benefit from Statutory Debt Repayment Plan to contribute towards funding it.
	tabling member constituency	Walthamstow
	tabling member printed	Stella Creasy
	uin	287540
	answer	answer is ministerial correction date of answer 27/09/2019 answer text <p>The breathing space scheme, including administration of Statutory Debt Repayment Plans (SDRPs), will be funded from a share of the money paid to all creditors who benefit from repayments through SDRPs. The government intends to implement the breathing space in early 2021 and the SDRP to a longer timetable.</p> answering member constituency Salisbury answering member printed John Glen question first answered 27/09/2019 13:37:19 answering member 4051 label Biography information for John Glen
	tabling member	4088 label Biography information for Stella Creasy

1315571

	registered interest
	date	18/05/2021
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Funerals: Pre-payment
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what steps he is taking to protect consumers that purchase pre-paid funeral plans.
	tabling member constituency	Walthamstow
	tabling member printed	Stella Creasy
	uin	2961
	answer	answer is ministerial correction date of answer 24/05/2021 answer text <p>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.</p> answering member constituency Salisbury answering member printed John Glen question first answered 24/05/2021 13:25:21 answering member 4051 label Biography information for John Glen
	tabling member	4088 label Biography information for Stella Creasy

1177767

	registered interest
	date	11/02/2020
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Credit Cards: Debts
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what representations his Department has received from consumer groups on unintended consequences of the Financial Conduct Authority’s persistent credit card debt remedies; and if he will ask the FCA to (i) bring forward its review of those remedies and (ii) include in that review consideration of a cap on charges.
	tabling member constituency	Walthamstow
	tabling member printed	Stella Creasy
	uin	576
	answer	answer is ministerial correction date of answer 24/02/2020 answer text <p>Treasury ministers and officials meet regularly with a range of interest groups to discuss consumer issues in financial services, including persistent debt.</p><p>The Financial Conduct Authority (FCA) is responsible for regulating and supervising the financial services industry and has strong powers to protect consumers. Although the Treasury sets the legal framework, the FCA is an independent regulator and Treasury ministers have no general power of direction over the FCA.</p><p>The FCA has committed in its Policy Statement PS18/4 to review the persistent credit card debt rules once they have been fully implemented by firms and in operation long enough to assess consumer outcomes. The FCA expect this to be in 2022 or 2023. The Government will continue to work closely with the FCA to ensure consumers of financial services are treated fairly.</p> answering member constituency Salisbury answering member printed John Glen question first answered 24/02/2020 13:30:24 answering member 4051 label Biography information for John Glen
	tabling member	4088 label Biography information for Stella Creasy

1338111

	registered interest
	date	18/06/2021
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Credit: Regulation
	house id	1
	legislature	25259 pref label House of Commons
	question text	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.
	tabling member constituency	Walthamstow
	tabling member printed	Stella Creasy
	uin	18516
	answer	answer is ministerial correction date of answer 23/06/2021 answer text <p>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: <a href="https://www.gov.uk/government/collections/hmt-ministers-meetings-hospitality-gifts-and-overseas-travel#history" target="_blank">HMT ministers' meetings, hospitality, gifts and overseas travel - GOV.UK (www.gov.uk)</a></p><p> </p> answering member constituency Salisbury answering member printed John Glen question first answered 23/06/2021 13:27:00 answering member 4051 label Biography information for John Glen
	tabling member	4088 label Biography information for Stella Creasy

1441069

	registered interest
	date	14/03/2022
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Credit
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what recent assessment the Government has made of the prevalence of the use of buy now pay later products to purchase (a) toiletries, (b) food and (c) other essential items.
	tabling member constituency	Walthamstow
	tabling member printed	Stella Creasy
	uin	139344
	answer	answer is ministerial correction date of answer 17/03/2022 answer text <p>HM Treasury regularly monitors changes in the consumer credit market, including the impact of economic developments, as part of its normal process of policy development.</p><p> </p><p>However, it does not hold information regarding the impact of increasing living costs on the number of people using Buy-Now Pay-Later (BNPL), or the prevalence of the use of BNPL products to purchase essential items. Instead, HMT draws on the research of various stakeholders, including consumer groups and the wider financial services industry, to inform policy development.</p><p> </p><p>The Woolard Review into the unsecured credit market found several potential risks of consumer detriment from interest-free BNPL products. The Government recognises those risks, but also notes that as an interest-free product, BNPL can often be lower-risk than other forms of borrowing and a useful tool to help consumers manage their finances. That is why on 2 February 2021, the Government announced its intention to regulate BNPL products in a proportionate manner.</p><p> </p><p>The Government published a consultation on policy proposals for the regulation of BNPL on 21 October 2021, which closed on 6 January 2022. The Government is now reviewing responses to this consultation and considering next steps and intends to publish a consultation response in the spring.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 139345 question first answered 17/03/2022 12:27:01 answering member 4051 label Biography information for John Glen
	tabling member	4088 label Biography information for Stella Creasy

1354028

	registered interest
	date	08/09/2021
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Credit: Debt Collection
	house id	1
	legislature	25259 pref label House of Commons
	question text	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.
	tabling member constituency	Walthamstow
	tabling member printed	Stella Creasy
	uin	45116
	answer	answer is ministerial correction date of answer 13/09/2021 answer text <p>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.</p><p> </p><p>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.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 45114 45115 question first answered 13/09/2021 12:49:07 answering member 4051 label Biography information for John Glen
	tabling member	4088 label Biography information for Stella Creasy

1354027

	registered interest
	date	08/09/2021
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Credit: Debt Collection
	house id	1
	legislature	25259 pref label House of Commons
	question text	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.
	tabling member constituency	Walthamstow
	tabling member printed	Stella Creasy
	uin	45115
	answer	answer is ministerial correction date of answer 13/09/2021 answer text <p>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.</p><p> </p><p>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.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 45114 45116 question first answered 13/09/2021 12:49:07 answering member 4051 label Biography information for John Glen
	tabling member	4088 label Biography information for Stella Creasy