MEPs vote in opposition to the regulation of the "explosive" sector "purchase now, pay later"

What did the MPs say?

Several MPs supported the amendment during the debate in Parliament, citing the recent increase in the use of products that buy now and pay later and the risk that customers may spend more money because of their use.

For example, Treasury Secretary of the Treasury, Pat McFadden MP, said the model of lenders who buy now and pay later "was based on encouraging people to buy more," while Ms. Creasy said there was a risk that the loan would Consumers are taking out more debt to repay the debt.

Others pointed out that the industry is aimed at younger consumers and is often promoted with prominent influencers. Labor MP Jessica Morden described products that are bought now and later paid for as "unchecked and with a social media savvy face". Meanwhile, Liberal Democrat MP Christine Jardine has called for products to be regulated "before we have another scandal".

However, other MPs argued that Parliament should wait and pay later for a review of the purchase price to be published, led by the FCA's former interim director-general Christopher Woolard, before deciding on any regulation.

Conservative MP Angela Richardson said "the government shouldn't legislate until we hear from the experts," warning that protecting one consumer group could prevent other groups from buying the products to buy much-needed housewares to use.

Comments are closed.