{ "format" : "linked-data-api", "version" : "0.2", "result" : {"_about" : "http://eldaddp.azurewebsites.net/answeredquestions.text?date=2022-01-24&min-answer.dateOfAnswer=2017-06-30&answeringDeptId=14", "definition" : "http://eldaddp.azurewebsites.net/meta/answeredquestions.text?date=2022-01-24&min-answer.dateOfAnswer=2017-06-30&answeringDeptId=14", "extendedMetadataVersion" : "http://eldaddp.azurewebsites.net/answeredquestions.text?date=2022-01-24&min-answer.dateOfAnswer=2017-06-30&answeringDeptId=14&_metadata=all", "first" : "http://eldaddp.azurewebsites.net/answeredquestions.text?date=2022-01-24&min-answer.dateOfAnswer=2017-06-30&_page=0&answeringDeptId=14", "hasPart" : "http://eldaddp.azurewebsites.net/answeredquestions.text?date=2022-01-24&min-answer.dateOfAnswer=2017-06-30&answeringDeptId=14", "isPartOf" : "http://eldaddp.azurewebsites.net/answeredquestions.text?date=2022-01-24&min-answer.dateOfAnswer=2017-06-30&answeringDeptId=14", "items" : [{"_about" : "http://data.parliament.uk/resources/1415730", "AnsweringBody" : [{"_value" : "Treasury"}
      ], "answer" : {"_about" : "http://data.parliament.uk/resources/1415730/answer", "answerText" : {"_value" : "<p>In the last five years, HM Treasury undertook and laid one post legislative review for primary legislation, which covered multiple Acts. Separately, post legislative memorandums may be found on gov.uk.<\/p><p> <\/p><p>For secondary legislation, post legislative reviews are known as Post-Implementation Reviews (PIRs) if they come under the Better Regulation Framework. Between Jan 2017-Jan 2022, under the scope defined by the SBEE Act 2015 and the Better Regulation Framework, HM Treasury has records of 19 PIRs having been completed and published. The breakdown for each of the last five years is as follows: 1 in 2017; 3 in 2018; 6 in 2019; 2 in 2020; 6 in 2021; 1 in 2022.<\/p><p> <\/p><p>This information on post legislative reviews of both primary and secondary legislation is only held in HM Treasury for internal administrative reasons and may not be exhaustive, for example, due to machinery of government changes to departmental structure in the past decade.<\/p><p> <\/p><p>Where possible, considering any market sensitivity, all post legislative reviews or post legislative memorandums are published on gov.uk, and PIRs are published alongside the original legislation on legislation.gov.uk for transparency and accountability.<\/p><p> <\/p><p>As well as completed reviews, there are a number of PIRs currently being undertaken, some of which cover multiple pieces of legislation.<\/p>"}
        , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4527", "label" : {"_value" : "Biography information for Helen Whately"}
        }
        , "answeringMemberConstituency" : {"_value" : "Faversham and Mid Kent"}
        , "answeringMemberPrinted" : {"_value" : "Helen Whately"}
        , "dateOfAnswer" : {"_value" : "2022-01-31", "_datatype" : "dateTime"}
        , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
        , "questionFirstAnswered" : [{"_value" : "2022-01-31T16:46:30.673Z", "_datatype" : "dateTime"}
        ]}
      , "answeringDeptId" : {"_value" : "14"}
      , "answeringDeptShortName" : {"_value" : "Treasury"}
      , "answeringDeptSortName" : {"_value" : "Treasury"}
      , "date" : {"_value" : "2022-01-24", "_datatype" : "dateTime"}
      , "hansardHeading" : {"_value" : "Treasury: Legislation"}
      , "houseId" : {"_value" : "1"}
      , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"}
      }
      ], "questionText" : "To ask the Chancellor of the Exchequer, how many post legislative reviews (a) their Department or (b) their predecessor Department has undertaken on (i) primary and (ii) secondary legislation in each of the last five years.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
      , "tablingMember" : {"_about" : "http://data.parliament.uk/members/4357", "label" : {"_value" : "Biography information for Kirsty Blackman"}
      }
      , "tablingMemberConstituency" : {"_value" : "Aberdeen North"}
      , "tablingMemberPrinted" : [{"_value" : "Kirsty Blackman"}
      ], "uin" : "110394"}
    , {"_about" : "http://data.parliament.uk/resources/1415748", "AnsweringBody" : [{"_value" : "Treasury"}
      ], "answer" : {"_about" : "http://data.parliament.uk/resources/1415748/answer", "answerText" : {"_value" : "<p>In the last 10 years, HM Treasury has records of three Acts of primary legislation having undergone post legislative reviews.<\/p><p> <\/p><p>HM Treasury does not hold information on how many post legislative reviews the Department has undertaken on secondary legislation in each of the last ten years.<\/p><p> <\/p><p>Section 28 of The Small Business, Enterprise and Employment Act 2015 (\u2018SBEE Act 2015\u2019) brought in a new duty to review secondary legislation, with exceptions where it is deemed inappropriate by the responsible Minister to do so. Prior to this, there was no statutory requirement to review secondary legislation.<\/p><p> <\/p><p>HM Treasury does not hold information on the proportion of post legislative reviews the Department has undertaken on primary and secondary legislation in each of the last ten years.<\/p><p> <\/p><p>However, post legislative reviews prior to the introduction of the SBEE Act 2015 will be available on legislation.gov.uk or gov.uk where it was possible to publish them, considering market sensitivity.<\/p><p> <\/p><p>This information on primary and secondary legislation is only held for internal administrative reasons and may not be exhaustive, for example, due to machinery of government changes to departmental structure in the past decade.<\/p>"}
        , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4527", "label" : {"_value" : "Biography information for Helen Whately"}
        }
        , "answeringMemberConstituency" : {"_value" : "Faversham and Mid Kent"}
        , "answeringMemberPrinted" : {"_value" : "Helen Whately"}
        , "dateOfAnswer" : {"_value" : "2022-01-31", "_datatype" : "dateTime"}
        , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
        , "questionFirstAnswered" : [{"_value" : "2022-01-31T16:52:29.48Z", "_datatype" : "dateTime"}
        ]}
      , "answeringDeptId" : {"_value" : "14"}
      , "answeringDeptShortName" : {"_value" : "Treasury"}
      , "answeringDeptSortName" : {"_value" : "Treasury"}
      , "date" : {"_value" : "2022-01-24", "_datatype" : "dateTime"}
      , "hansardHeading" : {"_value" : "Treasury: Legislation"}
      , "houseId" : {"_value" : "1"}
      , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"}
      }
      ], "questionText" : "To ask the Chancellor of the Exchequer, how many and what proportion of the (a) primary and (b) secondary legislation sponsored by (i) their Department or (ii) their predecessor Department has undergone a post legislative review in each of the last 10 years.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
      , "tablingMember" : {"_about" : "http://data.parliament.uk/members/4357", "label" : {"_value" : "Biography information for Kirsty Blackman"}
      }
      , "tablingMemberConstituency" : {"_value" : "Aberdeen North"}
      , "tablingMemberPrinted" : [{"_value" : "Kirsty Blackman"}
      ], "uin" : "110412"}
    , {"_about" : "http://data.parliament.uk/resources/1415759", "AnsweringBody" : [{"_value" : "Treasury"}
      ], "answer" : {"_about" : "http://data.parliament.uk/resources/1415759/answer", "answerText" : {"_value" : "<p>The Government decided that it would not take forward legislation but would keep the position of contracts sold to unregulated firms under review and return to legislation if there was sufficient evidence of consumer detriment. This decision was reached based on careful consideration of the market conditions at the time, analysis of the available evidence of consumer harm and engagement with a range of stakeholders, including the Financial Services Authority (FSA) and Financial Ombudsman Service (FOS).<\/p><p> <\/p><p>The Government continues to keep the position of mortgage contracts sold to unregulated firms under review. All mortgages, regardless of the regulatory status of the owner, must be administered by a regulated administrator.<\/p><p>It is worth reiterating that further regulation of this kind would not necessarily enable borrowers to switch to a cheaper mortgage deal or lower the interest rates they pay.<\/p>"}
        , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4051", "label" : {"_value" : "Biography information for John Glen"}
        }
        , "answeringMemberConstituency" : {"_value" : "Salisbury"}
        , "answeringMemberPrinted" : {"_value" : "John Glen"}
        , "dateOfAnswer" : {"_value" : "2022-01-31", "_datatype" : "dateTime"}
        , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
        , "questionFirstAnswered" : [{"_value" : "2022-01-31T14:25:22.617Z", "_datatype" : "dateTime"}
        ]}
      , "answeringDeptId" : {"_value" : "14"}
      , "answeringDeptShortName" : {"_value" : "Treasury"}
      , "answeringDeptSortName" : {"_value" : "Treasury"}
      , "date" : {"_value" : "2022-01-24", "_datatype" : "dateTime"}
      , "hansardHeading" : {"_value" : "Mortgages: Regulation"}
      , "houseId" : {"_value" : "1"}
      , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"}
      }
      ], "questionText" : "To ask the Chancellor of the Exchequer, pursuant to the Answer of 20 January 2022 to Question 103605 on Financial Services Authority, on what specific information and reports the decision not take forward the legislation referred to in that Question was based.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
      , "tablingMember" : {"_about" : "http://data.parliament.uk/members/4474", "label" : {"_value" : "Biography information for Kevin Hollinrake"}
      }
      , "tablingMemberConstituency" : {"_value" : "Thirsk and Malton"}
      , "tablingMemberPrinted" : [{"_value" : "Kevin Hollinrake"}
      ], "uin" : "110470"}
    , {"_about" : "http://data.parliament.uk/resources/1415778", "AnsweringBody" : [{"_value" : "Treasury"}
      ], "answer" : {"_about" : "http://data.parliament.uk/resources/1415778/answer", "answerText" : {"_value" : "<p>In December we announced a generous £1bn package of support for business and their employees to help them manage the effects of the rapid surge of Omicron. This includes a £102m top-up to the Additional Restrictions Grant (ARG), a discretionary fund delivered by local authorities in England. This is in addition to the £250m of ARG which local authorities report is left over from previous allocations. This scheme is open until 31 March 2022 and I encourage people and businesses impacted by the Omicron variant to contact their local authority.<\/p><p> <\/p><p>The Government also continues to support small businesses through the VAT threshold, currently higher than any EU member state.<\/p><p> <\/p><p>For those on low income whose earnings continue to be affected by Covid-19 restrictions, work coaches will continue to be able to suspend the Universal Credit Minimum Income Floor on an individual basis for up to six months.<\/p><p> <\/p><p>Thanks to our decisive action to implement balanced and proportionate measures in response to the Omicron variant, Cabinet has decided to return to Plan A in England.<\/p>"}
        , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4527", "label" : {"_value" : "Biography information for Helen Whately"}
        }
        , "answeringMemberConstituency" : {"_value" : "Faversham and Mid Kent"}
        , "answeringMemberPrinted" : {"_value" : "Helen Whately"}
        , "dateOfAnswer" : {"_value" : "2022-01-27", "_datatype" : "dateTime"}
        , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
        , "questionFirstAnswered" : [{"_value" : "2022-01-27T15:56:24.37Z", "_datatype" : "dateTime"}
        ]}
      , "answeringDeptId" : {"_value" : "14"}
      , "answeringDeptShortName" : {"_value" : "Treasury"}
      , "answeringDeptSortName" : {"_value" : "Treasury"}
      , "date" : {"_value" : "2022-01-24", "_datatype" : "dateTime"}
      , "hansardHeading" : {"_value" : "Personal Care Services: Coronavirus"}
      , "houseId" : {"_value" : "1"}
      , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"}
      }
      ], "questionText" : "To ask the Chancellor of the Exchequer, what plans he has to provide grant support to people working in the hair and beauty industry.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
      , "tablingMember" : {"_about" : "http://data.parliament.uk/members/4122", "label" : {"_value" : "Biography information for Alex Cunningham"}
      }
      , "tablingMemberConstituency" : {"_value" : "Stockton North"}
      , "tablingMemberPrinted" : [{"_value" : "Alex Cunningham"}
      ], "uin" : "110348"}
    , {"_about" : "http://data.parliament.uk/resources/1415812", "AnsweringBody" : [{"_value" : "Treasury"}
      ], "answer" : {"_about" : "http://data.parliament.uk/resources/1415812/answer", "answerText" : {"_value" : "<p>HM Treasury regularly monitors changes in the consumer credit market as part of the normal process of policy development.<\/p><p> <\/p><p>The Woolard Review into the unsecured credit market found several potential risks of consumer detriment from interest-free Buy-Now Pay-Later products, including the absence of information given to consumers about features of Buy-Now Pay-Later agreements. The Government recognises those risks, but also notes that as an interest-free product, Buy-Now Pay-Later 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 Buy-Now Pay-Later products in a proportionate manner.<\/p><p> <\/p><p>The Government published a consultation on policy proposals for the regulation of Buy-Now Pay-Later on 21 October 2021, which closed on 6 January. The consultation included proposals to apply Financial Conduct Authority (FCA) rules on pre-contract disclosure and adequate explanations to Buy-Now Pay-Later agreements. These rules require firms to make adequate pre-contractual explanation to ensure the customer is in a position to assess whether the agreement is suitable for their needs and financial situation.<\/p><p> <\/p><p>The Government is now reviewing responses to this consultation and considering next steps and intends to publish a consultation response in the spring.<\/p><p> <\/p><p>HMT does not hold information regarding the number of 18- to 24-year-olds who have been referred to debt collection agencies by Buy-Now Pay-Later in the last 12 months, or the amount collected in late payment fees by the Buy-Now Pay-Later sector in each of the last three years. Instead, HMT draws on the research of various stakeholders including consumer groups and the wider financial services industry.<\/p>"}
        , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4051", "label" : {"_value" : "Biography information for John Glen"}
        }
        , "answeringMemberConstituency" : {"_value" : "Salisbury"}
        , "answeringMemberPrinted" : {"_value" : "John Glen"}
        , "dateOfAnswer" : {"_value" : "2022-01-31", "_datatype" : "dateTime"}
        , "groupedQuestionUIN" : [{"_value" : "110323"}
        , {"_value" : "110324"}
        , {"_value" : "110325"}
        , {"_value" : "110326"}
        , {"_value" : "110647"}
        ], "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
        , "questionFirstAnswered" : [{"_value" : "2022-01-31T16:29:27.667Z", "_datatype" : "dateTime"}
        ]}
      , "answeringDeptId" : {"_value" : "14"}
      , "answeringDeptShortName" : {"_value" : "Treasury"}
      , "answeringDeptSortName" : {"_value" : "Treasury"}
      , "date" : {"_value" : "2022-01-24", "_datatype" : "dateTime"}
      , "hansardHeading" : {"_value" : "Credit"}
      , "houseId" : {"_value" : "1"}
      , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"}
      }
      ], "questionText" : "To ask the Chancellor of the Exchequer, what assessment he has made of the implications for his policies of the increase in the number of people using buy now, pay later services.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
      , "tablingMember" : {"_about" : "http://data.parliament.uk/members/3985", "label" : {"_value" : "Biography information for Robert Halfon"}
      }
      , "tablingMemberConstituency" : {"_value" : "Harlow"}
      , "tablingMemberPrinted" : [{"_value" : "Robert Halfon"}
      ], "uin" : "110322"}
    , {"_about" : "http://data.parliament.uk/resources/1415813", "AnsweringBody" : [{"_value" : "Treasury"}
      ], "answer" : {"_about" : "http://data.parliament.uk/resources/1415813/answer", "answerText" : {"_value" : "<p>HM Treasury regularly monitors changes in the consumer credit market as part of the normal process of policy development.<\/p><p> <\/p><p>The Woolard Review into the unsecured credit market found several potential risks of consumer detriment from interest-free Buy-Now Pay-Later products, including the absence of information given to consumers about features of Buy-Now Pay-Later agreements. The Government recognises those risks, but also notes that as an interest-free product, Buy-Now Pay-Later 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 Buy-Now Pay-Later products in a proportionate manner.<\/p><p> <\/p><p>The Government published a consultation on policy proposals for the regulation of Buy-Now Pay-Later on 21 October 2021, which closed on 6 January. The consultation included proposals to apply Financial Conduct Authority (FCA) rules on pre-contract disclosure and adequate explanations to Buy-Now Pay-Later agreements. These rules require firms to make adequate pre-contractual explanation to ensure the customer is in a position to assess whether the agreement is suitable for their needs and financial situation.<\/p><p> <\/p><p>The Government is now reviewing responses to this consultation and considering next steps and intends to publish a consultation response in the spring.<\/p><p> <\/p><p>HMT does not hold information regarding the number of 18- to 24-year-olds who have been referred to debt collection agencies by Buy-Now Pay-Later in the last 12 months, or the amount collected in late payment fees by the Buy-Now Pay-Later sector in each of the last three years. Instead, HMT draws on the research of various stakeholders including consumer groups and the wider financial services industry.<\/p>"}
        , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4051", "label" : {"_value" : "Biography information for John Glen"}
        }
        , "answeringMemberConstituency" : {"_value" : "Salisbury"}
        , "answeringMemberPrinted" : {"_value" : "John Glen"}
        , "dateOfAnswer" : {"_value" : "2022-01-31", "_datatype" : "dateTime"}
        , "groupedQuestionUIN" : [{"_value" : "110322"}
        , {"_value" : "110324"}
        , {"_value" : "110325"}
        , {"_value" : "110326"}
        , {"_value" : "110647"}
        ], "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
        , "questionFirstAnswered" : [{"_value" : "2022-01-31T16:29:27.73Z", "_datatype" : "dateTime"}
        ]}
      , "answeringDeptId" : {"_value" : "14"}
      , "answeringDeptShortName" : {"_value" : "Treasury"}
      , "answeringDeptSortName" : {"_value" : "Treasury"}
      , "date" : {"_value" : "2022-01-24", "_datatype" : "dateTime"}
      , "hansardHeading" : {"_value" : "Credit: Public Consultation"}
      , "houseId" : {"_value" : "1"}
      , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"}
      }
      ], "questionText" : "To ask the Chancellor of the Exchequer, when he plans to publish a response to the consultation on the regulation of buy now pay later products which closed on 6 January 2022.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
      , "tablingMember" : {"_about" : "http://data.parliament.uk/members/3985", "label" : {"_value" : "Biography information for Robert Halfon"}
      }
      , "tablingMemberConstituency" : {"_value" : "Harlow"}
      , "tablingMemberPrinted" : [{"_value" : "Robert Halfon"}
      ], "uin" : "110323"}
    , {"_about" : "http://data.parliament.uk/resources/1415814", "AnsweringBody" : [{"_value" : "Treasury"}
      ], "answer" : {"_about" : "http://data.parliament.uk/resources/1415814/answer", "answerText" : {"_value" : "<p>HM Treasury regularly monitors changes in the consumer credit market as part of the normal process of policy development.<\/p><p> <\/p><p>The Woolard Review into the unsecured credit market found several potential risks of consumer detriment from interest-free Buy-Now Pay-Later products, including the absence of information given to consumers about features of Buy-Now Pay-Later agreements. The Government recognises those risks, but also notes that as an interest-free product, Buy-Now Pay-Later 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 Buy-Now Pay-Later products in a proportionate manner.<\/p><p> <\/p><p>The Government published a consultation on policy proposals for the regulation of Buy-Now Pay-Later on 21 October 2021, which closed on 6 January. The consultation included proposals to apply Financial Conduct Authority (FCA) rules on pre-contract disclosure and adequate explanations to Buy-Now Pay-Later agreements. These rules require firms to make adequate pre-contractual explanation to ensure the customer is in a position to assess whether the agreement is suitable for their needs and financial situation.<\/p><p> <\/p><p>The Government is now reviewing responses to this consultation and considering next steps and intends to publish a consultation response in the spring.<\/p><p> <\/p><p>HMT does not hold information regarding the number of 18- to 24-year-olds who have been referred to debt collection agencies by Buy-Now Pay-Later in the last 12 months, or the amount collected in late payment fees by the Buy-Now Pay-Later sector in each of the last three years. Instead, HMT draws on the research of various stakeholders including consumer groups and the wider financial services industry.<\/p>"}
        , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4051", "label" : {"_value" : "Biography information for John Glen"}
        }
        , "answeringMemberConstituency" : {"_value" : "Salisbury"}
        , "answeringMemberPrinted" : {"_value" : "John Glen"}
        , "dateOfAnswer" : {"_value" : "2022-01-31", "_datatype" : "dateTime"}
        , "groupedQuestionUIN" : [{"_value" : "110322"}
        , {"_value" : "110323"}
        , {"_value" : "110325"}
        , {"_value" : "110326"}
        , {"_value" : "110647"}
        ], "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
        , "questionFirstAnswered" : [{"_value" : "2022-01-31T16:29:27.777Z", "_datatype" : "dateTime"}
        ]}
      , "answeringDeptId" : {"_value" : "14"}
      , "answeringDeptShortName" : {"_value" : "Treasury"}
      , "answeringDeptSortName" : {"_value" : "Treasury"}
      , "date" : {"_value" : "2022-01-24", "_datatype" : "dateTime"}
      , "hansardHeading" : {"_value" : "Credit: Young People"}
      , "houseId" : {"_value" : "1"}
      , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"}
      }
      ], "questionText" : "To ask the Chancellor of the Exchequer, what estimate his Department has made of the number of 18 to 24 year olds who have been referred to debt collection agencies by buy now, pay later firms in the last 12 months.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
      , "tablingMember" : {"_about" : "http://data.parliament.uk/members/3985", "label" : {"_value" : "Biography information for Robert Halfon"}
      }
      , "tablingMemberConstituency" : {"_value" : "Harlow"}
      , "tablingMemberPrinted" : [{"_value" : "Robert Halfon"}
      ], "uin" : "110324"}
    , {"_about" : "http://data.parliament.uk/resources/1415815", "AnsweringBody" : [{"_value" : "Treasury"}
      ], "answer" : {"_about" : "http://data.parliament.uk/resources/1415815/answer", "answerText" : {"_value" : "<p>HM Treasury regularly monitors changes in the consumer credit market as part of the normal process of policy development.<\/p><p> <\/p><p>The Woolard Review into the unsecured credit market found several potential risks of consumer detriment from interest-free Buy-Now Pay-Later products, including the absence of information given to consumers about features of Buy-Now Pay-Later agreements. The Government recognises those risks, but also notes that as an interest-free product, Buy-Now Pay-Later 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 Buy-Now Pay-Later products in a proportionate manner.<\/p><p> <\/p><p>The Government published a consultation on policy proposals for the regulation of Buy-Now Pay-Later on 21 October 2021, which closed on 6 January. The consultation included proposals to apply Financial Conduct Authority (FCA) rules on pre-contract disclosure and adequate explanations to Buy-Now Pay-Later agreements. These rules require firms to make adequate pre-contractual explanation to ensure the customer is in a position to assess whether the agreement is suitable for their needs and financial situation.<\/p><p> <\/p><p>The Government is now reviewing responses to this consultation and considering next steps and intends to publish a consultation response in the spring.<\/p><p> <\/p><p>HMT does not hold information regarding the number of 18- to 24-year-olds who have been referred to debt collection agencies by Buy-Now Pay-Later in the last 12 months, or the amount collected in late payment fees by the Buy-Now Pay-Later sector in each of the last three years. Instead, HMT draws on the research of various stakeholders including consumer groups and the wider financial services industry.<\/p>"}
        , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4051", "label" : {"_value" : "Biography information for John Glen"}
        }
        , "answeringMemberConstituency" : {"_value" : "Salisbury"}
        , "answeringMemberPrinted" : {"_value" : "John Glen"}
        , "dateOfAnswer" : {"_value" : "2022-01-31", "_datatype" : "dateTime"}
        , "groupedQuestionUIN" : [{"_value" : "110322"}
        , {"_value" : "110323"}
        , {"_value" : "110324"}
        , {"_value" : "110326"}
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        ], "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
        , "questionFirstAnswered" : [{"_value" : "2022-01-31T16:29:27.823Z", "_datatype" : "dateTime"}
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      , "date" : {"_value" : "2022-01-24", "_datatype" : "dateTime"}
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      }
      ], "questionText" : "To ask the Chancellor of the Exchequer, what estimate his Department has made of amount collected in late payment fees by the buy now, pay later sector in each of the last three years.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
      , "tablingMember" : {"_about" : "http://data.parliament.uk/members/3985", "label" : {"_value" : "Biography information for Robert Halfon"}
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    , {"_about" : "http://data.parliament.uk/resources/1415816", "AnsweringBody" : [{"_value" : "Treasury"}
      ], "answer" : {"_about" : "http://data.parliament.uk/resources/1415816/answer", "answerText" : {"_value" : "<p>HM Treasury regularly monitors changes in the consumer credit market as part of the normal process of policy development.<\/p><p> <\/p><p>The Woolard Review into the unsecured credit market found several potential risks of consumer detriment from interest-free Buy-Now Pay-Later products, including the absence of information given to consumers about features of Buy-Now Pay-Later agreements. The Government recognises those risks, but also notes that as an interest-free product, Buy-Now Pay-Later 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 Buy-Now Pay-Later products in a proportionate manner.<\/p><p> <\/p><p>The Government published a consultation on policy proposals for the regulation of Buy-Now Pay-Later on 21 October 2021, which closed on 6 January. The consultation included proposals to apply Financial Conduct Authority (FCA) rules on pre-contract disclosure and adequate explanations to Buy-Now Pay-Later agreements. These rules require firms to make adequate pre-contractual explanation to ensure the customer is in a position to assess whether the agreement is suitable for their needs and financial situation.<\/p><p> <\/p><p>The Government is now reviewing responses to this consultation and considering next steps and intends to publish a consultation response in the spring.<\/p><p> <\/p><p>HMT does not hold information regarding the number of 18- to 24-year-olds who have been referred to debt collection agencies by Buy-Now Pay-Later in the last 12 months, or the amount collected in late payment fees by the Buy-Now Pay-Later sector in each of the last three years. Instead, HMT draws on the research of various stakeholders including consumer groups and the wider financial services industry.<\/p>"}
        , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4051", "label" : {"_value" : "Biography information for John Glen"}
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      ], "questionText" : "To ask the Chancellor of the Exchequer, what assessment he has made of the implications for his policies of increases in the number of people using buy now, pay later services as an additional form of short-term credit financing.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
      , "tablingMember" : {"_about" : "http://data.parliament.uk/members/3985", "label" : {"_value" : "Biography information for Robert Halfon"}
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    , {"_about" : "http://data.parliament.uk/resources/1415817", "AnsweringBody" : [{"_value" : "Treasury"}
      ], "answer" : {"_about" : "http://data.parliament.uk/resources/1415817/answer", "answerText" : {"_value" : "<p>HM Treasury regularly monitors changes in the consumer credit market as part of the normal process of policy development.<\/p><p> <\/p><p>The Woolard Review into the unsecured credit market found several potential risks of consumer detriment from interest-free Buy-Now Pay-Later products, including the absence of information given to consumers about features of Buy-Now Pay-Later agreements. The Government recognises those risks, but also notes that as an interest-free product, Buy-Now Pay-Later 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 Buy-Now Pay-Later products in a proportionate manner.<\/p><p> <\/p><p>The Government published a consultation on policy proposals for the regulation of Buy-Now Pay-Later on 21 October 2021, which closed on 6 January. The consultation included proposals to apply Financial Conduct Authority (FCA) rules on pre-contract disclosure and adequate explanations to Buy-Now Pay-Later agreements. These rules require firms to make adequate pre-contractual explanation to ensure the customer is in a position to assess whether the agreement is suitable for their needs and financial situation.<\/p><p> <\/p><p>The Government is now reviewing responses to this consultation and considering next steps and intends to publish a consultation response in the spring.<\/p><p> <\/p><p>HMT does not hold information regarding the number of 18- to 24-year-olds who have been referred to debt collection agencies by Buy-Now Pay-Later in the last 12 months, or the amount collected in late payment fees by the Buy-Now Pay-Later sector in each of the last three years. Instead, HMT draws on the research of various stakeholders including consumer groups and the wider financial services industry.<\/p>"}
        , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4051", "label" : {"_value" : "Biography information for John Glen"}
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      ], "questionText" : "To ask the Chancellor of the Exchequer, what steps he is taking to ensure people understand the financial consequences of using buy now, pay later services to fund purchases.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
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