CCLS was pleased to contribute to the joint consumer advocate submissions to Treasury providing feedback on the draft National Consumer Credit Protection Amendment (Low Cost Credit) Regulations 2025.
This joint submission was led by CHOICE with input and endorsement from:
– CHOICE
– Financial Rights Legal Centre
– Financial Counselling Australia
– Consumer Action Law Centre
– Consumer Credit Legal Service
– Redfern Legal Centre
– Economic Abuse Reference Group
– Financial Counselling Victoria
– Financial Counsellors’ Association of NSW Inc.
– Care ACT
– Mob Strong Debt Help.
The submission highlights the need to maintain the regulation of buy now pay later (BNPL) products to reduce the risk of people being signed up to unaffordable BNPL debts that leave them worse off.
Our key recommendation seeks to ensure that late fees reflect the genuine costs incurred by the finance provider, rather than serving as a source of revenue. Late fees should not be penalties.
Read the full submission here.