Oversight coming for booming buy now pay later industry

Buy now pay later services could face the same oversight as credit cards or loan products in a recommendation being considered by the federal government as it looks to toughen regulation in the burgeoning industry.

Nine BNPL providers are signed up to a voluntary industry code. Its requirements include suitability assessments for transactions worth more than $2000, complaint handling processes that meet the Australian Securities and Investments Commission standard and hardship provisions. The third recommendation would fully bring the sector under the Act and make current responsible lending obligations applied to credit card providers also apply to BNPL.The federal government has said it wants BNPL treated like any other credit product, including payday lending or credit cards.

Some providers told Treasury they had implemented risk management practices including credit checks, or restricting further use of the services if consumers miss payments.

South Africa South Africa Latest News, South Africa South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Oversight coming for booming buy now pay later industryAs the number of Australian buy now pay later accounts has grown beyond 7 million, the government has unveiled three options for tighter regulation of the industry | rachelclun rachelclun Obviously you buy only what you can afford I use Zip and PayPal I don't have a problem the repayments for both are affordable and After Pay are brilliant why does the Government always interfere 😔
Source: smh - 🏆 6. / 80 Read more »

Hollywood, here we come: Australian women with disabilities push for more inclusive film industryIt's who you know in the film industry, but despite many hurdles, two Australian women with disabilities have massive international breakthroughs by challenging stereotypes. More fringe bs attention seekers
Source: abcnews - 🏆 5. / 83 Read more »