Buy Now Pay Later reforms a vital step towards a better deal for consumers
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Reforms to BNPL introduce much-needed consumer protections and will allow the industry to develop with greater regulatory certainty.
The Senate Economics Legislation Committee’s Final Report for the Inquiry into the Treasury Laws Amendment (Responsible Buy Now Pay Later and Other Measures) Bill 2024 was tabled on today, noting a wide level of support from consumer groups and the fintech industry.
The Committee found that proposed reforms strike the right balance in supporting BNPL as a convenient option for consumers while addressing the risks they can pose to some.
BNPL will be recognised as a form of credit, and providers will be required to:
- Conduct suitability assessments
- Obtain a credit licence
- Limit their fees and charges
- Have hardship and dispute resolution processes
These changes have been well consulted and will provide much-needed confidence to industry and consumers while mitigating potential harms for vulnerable Australians.
The committee recommends the Bill be passed.
Quotes attributable to Senator Walsh:
“These reforms will make a difference, and they strike the right balance between protecting consumers and recognising the benefits of the BNPL sector.”
“To support consumers BNPL needed to be acknowledged as a line of credit, and these reforms will do just that.”
ENDS
Media contact for Senator Walsh: Maddison Lewis – 0422 492 948