In a bid to protect consumers, the government has released a consultation paper seeking views on options to regulate the Buy Now Pay Later (BNPL) market. Currently the BNPL space is unregulated in Australia and thus not subject to responsible lending standards. Consumer advocates argue that this regulatory gap has the potential to create harm. The paper outlines three increasingly rigorous options for the regulation of the BNPL market, ranging from bespoke affordability assessments to treating BNPL like other credit services.
Click to read our article: Looming changes for the BNPL market (0.60 MB PDF)