Consumer Credit Legal Service WA was pleased to draft submissions on AFIA’s Buy Now Pay Later Code of Practice on behalf of the Consumers’ Federation of Australia.
The submission received endorsement from13 Consumer organisations and contains over 50 recommendations about BNPL regulation including:
- BNPL arrangements should be regulated under the NCCPA;
- Until the NCCPA regulation is in place, the Code should incorporate NCCPA protections such as responsible lending, hardship arrangements and information and document provision requirements;
- Consumer Law rights should not be impinged by BNPL arrangements;
- Commitments in the Code should be specific to improve enforceability; and
- The Code should do more to protect vulnerable consumers.
To read the submission in full and see the full list of recommendations, click here.