text_body: --- DIVISION TITLE ---
  
  Financial Services Bill - New Clause 7 - Regulation of Buy-Now-Pay-Later Firms
  
  --- MOTION EFFECT ---
  
  @ MP voted aye for greater regulation of those offering buy-now-pay-later credit, and similar services, to protect consumers from unaffordable debt.
  
  @ MP voted no against greater regulation of those offering buy-now-pay-later credit, and similar services, to protect consumers from unaffordable debt.
  
  
  The majority of MPs voted against greater regulation of buy-now-pay-later credit services, and other lending services that have non-interest-bearing elements, to protect consumers from unaffordable debt. 
  
  MPs were considering the Financial Services Bill.[1][2]
  
  The proposed new clause which was rejected in this vote was titled: ''Regulation of buy-now-pay-later firms'' and stated:
  
  :Within three months of this Act being passed, the Treasury must by statutory regulations make provision for the protection of consumers from unaffordable debt by requiring the FCA to regulateâ
  
  :(a) buy-now-pay-later credit services, and
  
  :(b) other lending services that have non-interest-bearing elements.
  
  The rejected new clause was accompanied by the following statement from its proposer:
  
  :This new clause would bring the non-interest-bearing elements of buy-now-pay-later lending and similar services under the regulatory ambit of the FCA.
  
  FCA is a reference to the Financial Conduct Authority.[2] 
  
  
  --
  
  * [1] [https://bills.parliament.uk/bills/2792 Parliament's webpage on the Financial Services Bill], Parliament.uk
  * [2] [https://publications.parliament.uk/pa/bills/cbill/58-01/0200/en/200200en.pdf Explanatory notes to the Financial Services Bill], Parliament.uk
  --- COMMENTS AND NOTES ---
  
  (put thoughts and notes for other researchers here)
  