The Science And Technology Committee also said products that are regulated but contain powerful chemicals are “increasingly being promoted and used by children”.
Parents are unknowingly buying products which could cause them “long-term harm”, it said.
The committee’s report said existing regulations are a “confusing mess” and have “failed to keep pace” with the evolving cosmetics sector.
People have reported chemical burns, scarring and infections from cosmetic products or procedures.
Others have reported allergic reactions, migraines, hives, poor outcomes and linked body image distress and mental health issues.
MPs said that government “has been far too slow to act, and people are suffering as a result”.
They warned that existing laws have allowed “illegal and dangerous” products to reach UK consumers “faster and in greater volumes than regulators have the powers or resources to effectively police”.
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Committee chairwoman Dame Chi Onwurah said: “People buying products and treatments on the high street should be able to trust that these are safe, properly regulated and being provided by someone with the right training.
“Years of delay have left dangerous gaps in regulation and exposed people to avoidable harm.
“Complacency over this has clear roots in sexism and racism, with no other sector of its size having such a high proportion of female-owned businesses.
“Action, not just a consultation, is long overdue, and quick solutions must be found to regulate injectable products like fat dissolvers and skin brighteners, whilst making sure any regulation doesn’t push female-led businesses off the market.”
A Department Of Health And Social Care spokesperson said: “We have been working with a group of experts to develop tough new measures to ensure only qualified healthcare professionals can perform high risk cosmetic procedures.
“We are now consulting on these measures which would include restricting all cosmetic surgery to doctors who are regulated to strict standards set by the General Medical Council and who work from Care Quality Commission regulated settings.
“We are also committed to introducing a licensing scheme for lower-risk cosmetic procedures like facial filler, ensuring that practitioners are appropriately trained, insured, and working to safe standards.”
