“Buy now, pay later loans need to be subject to strong safe lending tests to protect people from harm”: Consumer groups respond to BNPL reform announcement
Consumer groups and financial counsellors have said that the Government’s plans for regulation of the buy now, pay later (BNPL) sector announced today will need to include strong requirements for lenders to ensure that loans are safe and suitable regardless of the size of the loan in order to protect people from harm. Assistant Treasurer […]
Advocates And Industry Agree: Time To Close Lending Loopholes On Buy Now, Pay Later
Key stakeholders call for buy now, pay later should be regulated as meantime credit In submissions released publicly by the Treasury today, major banks, industry associations, regulators and consumer advocates are unified in calling for an end to lending loopholes allowing buy now, pay later providers to avoid safe lending laws. Groups who made submissions […]
Media Release: Regulate Buy Now, Pay Later Like Other Credit Products To Boost Customer Safeguards, Consumer Groups Say
Buy Now, Pay Later (BNPL) late fees and charges would be capped, and providers would be licensed and banned from making unsolicited offers of credit, under recommendations for proper regulation of the sector proposed by a coalition of 15 consumer and legal groups. They are three of a raft of proposals by the group that […]
Media Release: High Court Dismisses Last Ditch Appeal By Rogue Lender
Consumer advocates have welcomed the dismissal by the High Court of a special leave application by Cigno Pty Ltd (Cigno) and BHF Solutions Pty Ltd (BHFS) against the Full Federal Court’s finding in enforcement proceedings brought by corporate regulator the Australian Securities and Investments Commission (ASIC). Cigno and BHFS sold small amount loans using a […]
Media Release: Consumer Protections For High-Cost And Harmful Payday Loans And Consumer Leases Finally Pass Parliament
After a late-night Senate sitting, Consumer Advocacy groups across Australia are celebrating the passing through the Federal Parliament of long overdue reforms that will protect consumers from falling into payday loans and consumer lease debt traps. The Financial Sector Reform Bill 2022 has finally passed after 6 years of advocacy by the Stop the Debt […]
Media Release: Buy Now Pay Later Changes Must Go All The Way, Consumer Groups Say
Buy now pay later (BNPL) products must be fully regulated as credit to protect consumers and put all credit providers on a level playing field, a coalition of consumer groups has said. The group, including CHOICE, financial counselling associations and consumer legal centres, has made the call as Treasury releases a consultation paper setting out […]
Media Release: Harvey-Norman And Latitude Case Alleging Misleading ‘Interest-Free’ Credit Card Promotions Welcomed By Consumer Advocates
Consumer Action, Financial Rights Legal Centre and CHOICE have welcomed the Australian Securities and Investments Commission’s (ASIC) commencing legal action against Latitude Finance Australia and Harvey Norman Holdings for misleading interest free advertising in relation to credit cards promoted in Harvey Norman stores. Community lawyers and financial counsellors have assisted many clients struggling to pay […]
Media Release: Consumer And Social Service Groups Welcome Community Consultation On Removing Buy-Now-Pay-Later And Other Credit Loopholes
Key consumer and social service groups are welcoming the Federal Government’s announcement that the process of introducing better safeguards for buy now pay later (BNPL) and other credit products has now begun. This morning the Assistant Treasurer and Minister for Financial Services, Stephen Jones, has told participants at a conference that the consultation process has […]
Media Release: Government’s Commitment To Regulate Buy Now Pay Later Products Welcomed
Key consumer and community groups are welcoming comments by the new Minister for Financial Services, Stephen Jones, that the Government will move to regulate buy now pay later (BNPL). Minister Jones made the comments in The Guardian, saying, “let’s start working on regulating [them] within the credit space.” Financial Counselling Australia (FCA), CHOICE, Anglicare Australia, […]
Time to finally end the harm done by Cigno loans
Consumer groups and financial counsellors are urging the Australian Securities and Investments Commission (ASIC) to act now to put an end to the use of harmful lending models used to charge excessive fees on top of short-term loans.