{ "format" : "linked-data-api", "version" : "0.2", "result" : {"_about" : "http://eldaddp.azurewebsites.net/answeredquestions.text?tablingMemberPrinted.=Mr+Steve+Baker&max-dateTabled=2022-02-18&answeringDeptSortName=Treasury", "definition" : "http://eldaddp.azurewebsites.net/meta/answeredquestions.text?tablingMemberPrinted.=Mr+Steve+Baker&max-dateTabled=2022-02-18&answeringDeptSortName=Treasury", "extendedMetadataVersion" : "http://eldaddp.azurewebsites.net/answeredquestions.text?tablingMemberPrinted.=Mr+Steve+Baker&max-dateTabled=2022-02-18&answeringDeptSortName=Treasury&_metadata=all", "first" : "http://eldaddp.azurewebsites.net/answeredquestions.text?tablingMemberPrinted.=Mr+Steve+Baker&_page=0&max-dateTabled=2022-02-18&answeringDeptSortName=Treasury", "hasPart" : "http://eldaddp.azurewebsites.net/answeredquestions.text?tablingMemberPrinted.=Mr+Steve+Baker&max-dateTabled=2022-02-18&answeringDeptSortName=Treasury", "isPartOf" : "http://eldaddp.azurewebsites.net/answeredquestions.text?tablingMemberPrinted.=Mr+Steve+Baker&max-dateTabled=2022-02-18&answeringDeptSortName=Treasury", "items" : [{"_about" : "http://data.parliament.uk/resources/1422627", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1422627/answer", "answerText" : {"_value" : "

The Woolard Review into the unsecured credit market found several potential risks of consumer detriment from interest-free Buy-Now Pay-Later (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>

The Government published a consultation on policy proposals for the regulation of BNPL on 21 October 2021, which closed on 6 January. The consultation sought stakeholder views on how to define the scope of regulation and how to draw boundaries in legislation between different types of credit agreements that make use of the exemption from consumer credit regulation that is currently used by BNPL products.<\/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>

HMT does not hold information regarding the savings to consumers resulting from the use of BNPL products in 2021, or the impact of BNPL on the UK\u2019s retail industry. Instead, HMT draws on the research of various stakeholders, including consumer groups and the wider financial services industry, to inform policy development.<\/p>

<\/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" : "2022-02-28", "_datatype" : "dateTime"} , "groupedQuestionUIN" : [{"_value" : "125129"} , {"_value" : "125130"} , {"_value" : "125131"} ], "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2022-02-28T15:02:19.987Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2022-02-18", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Credit: 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, what steps his Department is taking to regulate buy now, pay later products.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/4064", "label" : {"_value" : "Biography information for Mr Steve Baker"} } , "tablingMemberConstituency" : {"_value" : "Wycombe"} , "tablingMemberPrinted" : [{"_value" : "Mr Steve Baker"} ], "uin" : "125128"} , {"_about" : "http://data.parliament.uk/resources/1422628", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1422628/answer", "answerText" : {"_value" : "

The Woolard Review into the unsecured credit market found several potential risks of consumer detriment from interest-free Buy-Now Pay-Later (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>

The Government published a consultation on policy proposals for the regulation of BNPL on 21 October 2021, which closed on 6 January. The consultation sought stakeholder views on how to define the scope of regulation and how to draw boundaries in legislation between different types of credit agreements that make use of the exemption from consumer credit regulation that is currently used by BNPL products.<\/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>

HMT does not hold information regarding the savings to consumers resulting from the use of BNPL products in 2021, or the impact of BNPL on the UK\u2019s retail industry. Instead, HMT draws on the research of various stakeholders, including consumer groups and the wider financial services industry, to inform policy development.<\/p>

<\/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" : "2022-02-28", "_datatype" : "dateTime"} , "groupedQuestionUIN" : [{"_value" : "125128"} , {"_value" : "125130"} , {"_value" : "125131"} ], "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2022-02-28T15:02:20.08Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2022-02-18", "_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 plans his Department has to create a definition of buy now, pay later in statute; and whether he has made an assessment of the potential impact of establishing that definition.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/4064", "label" : {"_value" : "Biography information for Mr Steve Baker"} } , "tablingMemberConstituency" : {"_value" : "Wycombe"} , "tablingMemberPrinted" : [{"_value" : "Mr Steve Baker"} ], "uin" : "125129"} , {"_about" : "http://data.parliament.uk/resources/1422629", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1422629/answer", "answerText" : {"_value" : "

The Woolard Review into the unsecured credit market found several potential risks of consumer detriment from interest-free Buy-Now Pay-Later (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>

The Government published a consultation on policy proposals for the regulation of BNPL on 21 October 2021, which closed on 6 January. The consultation sought stakeholder views on how to define the scope of regulation and how to draw boundaries in legislation between different types of credit agreements that make use of the exemption from consumer credit regulation that is currently used by BNPL products.<\/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>

HMT does not hold information regarding the savings to consumers resulting from the use of BNPL products in 2021, or the impact of BNPL on the UK\u2019s retail industry. Instead, HMT draws on the research of various stakeholders, including consumer groups and the wider financial services industry, to inform policy development.<\/p>

<\/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" : "2022-02-28", "_datatype" : "dateTime"} , "groupedQuestionUIN" : [{"_value" : "125128"} , {"_value" : "125129"} , {"_value" : "125131"} ], "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2022-02-28T15:02:20.143Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2022-02-18", "_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 estimate his Department has made of the savings to consumers resulting from the use of buy now, pay later low interest credit schemes in 2021.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/4064", "label" : {"_value" : "Biography information for Mr Steve Baker"} } , "tablingMemberConstituency" : {"_value" : "Wycombe"} , "tablingMemberPrinted" : [{"_value" : "Mr Steve Baker"} ], "uin" : "125130"} , {"_about" : "http://data.parliament.uk/resources/1422630", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1422630/answer", "answerText" : {"_value" : "

The Woolard Review into the unsecured credit market found several potential risks of consumer detriment from interest-free Buy-Now Pay-Later (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>

The Government published a consultation on policy proposals for the regulation of BNPL on 21 October 2021, which closed on 6 January. The consultation sought stakeholder views on how to define the scope of regulation and how to draw boundaries in legislation between different types of credit agreements that make use of the exemption from consumer credit regulation that is currently used by BNPL products.<\/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>

HMT does not hold information regarding the savings to consumers resulting from the use of BNPL products in 2021, or the impact of BNPL on the UK\u2019s retail industry. Instead, HMT draws on the research of various stakeholders, including consumer groups and the wider financial services industry, to inform policy development.<\/p>

<\/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" : "2022-02-28", "_datatype" : "dateTime"} , "groupedQuestionUIN" : [{"_value" : "125128"} , {"_value" : "125129"} , {"_value" : "125130"} ], "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2022-02-28T15:02:20.19Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2022-02-18", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Credit: Retail Trade"} , "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 his Department has made of the impact of buy now, pay later products on the UK\u2019s retail industry.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/4064", "label" : {"_value" : "Biography information for Mr Steve Baker"} } , "tablingMemberConstituency" : {"_value" : "Wycombe"} , "tablingMemberPrinted" : [{"_value" : "Mr Steve Baker"} ], "uin" : "125131"} , {"_about" : "http://data.parliament.uk/resources/1419033", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1419033/answer", "answerText" : {"_value" : "

In his Mansion House statement last July, the Chancellor set out the Government\u2019s vision for an open, competitive, green, and technologically advanced financial services sector. A sweeping set of reforms to sharpen the UK\u2019s competitive advantage in financial services is already underway.<\/p>

<\/p>

In November, the Government published the second consultation in its Future Regulatory Framework (FRF) Review. This provides a once-in-a-generation opportunity to ensure that, having left the EU, the UK establishes a coherent, agile, and internationally respected approach to financial services regulation that is right for the UK. This includes proposals to repeal a significant volume of retained EU law relating to financial services, so that the financial services regulators can take responsibility for making the appropriate rules in these areas.<\/p>

As set out in the recent publication, The Benefits of Brexit: How the UK is taking advantage of leaving the EU, <\/em>the Government is actively seeking out opportunities to tailor the regulation of our financial services sector, within the new framework the FRF Review will deliver, through measures including:<\/p>

<\/p>