As foreshadowed last year, the Buy Now Pay Later (BNPL) market will soon be facing more regulation. The Assistant Treasurer recently announced that the government will be moving forward to bring BNPL within the Credit Act’s application to apply a tailored version of the responsible lending obligations to BNPL products. Consultation with industry and consumer groups will be occurring in the coming months, with draft legislation expected to be released later this year. The final Bill is expected to be introduced into Parliament by the end of the year.
Click to read our article: BNPL sector facing more regulation (0.70 MB PDF)