Buy Now Pay Later - Consumer Action Law Centre

Complaints about financial firms to AFCA skyrocket as thousands of Australians left behind

The Australian Financial Complaints Authority (AFCA) has revealed that consumers in dispute with financial firms lodged a record 96,987 complaints in the past 12 months, an unprecedented rise of 34 pe...

“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 len...

Inquiry into the extent and nature of poverty in Australia

Consumer Action’s financial counsellors and lawyers advise and assist people experiencing financial hardship and poverty on a daily basis. The data Consumer Action collects, as well as the reflections...

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...

Treasury Options Paper, Regulating Buy Now Pay Later in Australia

Consumer Action has joined with 22 other organisations as part of the "Close Lending Loopholes Alliance" to make a submission to Treasury on its Options Paper, Regulating Buy Now Pay Later in Australi...

Review of the Australian Finance Industry Association (AFIA) Buy Now Pay Later Code of Practice

Consumer Credit Legal Services (WA) Inc. (CCLSWA) has drafted these submissions on behalf of the Consumers’ Federation of Australia (CFA) and its members. CFA is the peak body for consumer organisatio...

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...

‘A matter of urgency’: Community sector calls on Senate to pass the Financial Sector Reform Bill now

Community organisations that are part of the Stop the Debt Trap Alliance are urging the Senate not to further delay the Financial Sector Reform (FSR) Bill. The Bill needs to be passed as a matter of u...

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, i...

Our Policy and Campaign Priorities for 2022-23

Consumer Action has revealed its Policy and Campaign Priorities for 2022-23 with a refreshed focus on making the marketplace for consumers fairer. Director of Policy and Campaigns Tania Clarke said...

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...

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 Jone...

US Consumer Financial Protection Bureau’s Inquiry into Buy-Now-Pay-Later (BNPL) Providers

While there have always been various forms of instalment credit products in the marketplace, Buy Now, Pay Later (BNPL) is a uniquely Australian invention, that has now been exported around the world....

US Government urged NOT to follow Australia’s lead with self-regulation of buy now pay later products

Australian consumer groups have warned the USA’s chief consumer regulator, the Consumer Financial Protection Bureau (CFPB), about major flaws in the self-regulation of buy now pay later (BNPL) product...

Our submission on Buy Now Pay Later to the UK Woolard Review

Our casework experience in Australia shows that buy now pay later (BNPL) debts are causing or exacerbating financial hardship in substantially the same manner as detailed in the Woolard Review. In...

Australian consumer groups warn UK Government against industry “self-regulation” of Buy Now Pay Later

Financial Counselling Australia and the Consumer Action Law Centre have shared Australia’s experience of weak consumer safeguards for Buy Now Pay Later (BNPL), as part of the UK Government’s consultat...

Our submission to New Zealand Government inquiry into buy-now pay-later

Our submission is supported by Financial Counselling Australia, the peak body for financial counsellors (commonly known as financial mentors in New Zealand), who work with not-for-profit community org...

Image of Australia's Parliament House in Canberra

Tougher consumer protections at core of payments reform welcomed

Treasurer Josh Frydenberg’s announcement today that the Government intends to reform Australia’s payment systems is a real opportunity to improve consumer protection, according to Consumer Action Law...

Buy now pay later surcharge ‘reveal’ a win for consumers and retailers

The Reserve Bank of Australia has said today that retailers should be allowed to pass on or ‘surcharge’ customers for the cost of buy now pay later, a move welcomed by Consumer Action Law Centre which...

Banks can do better: Consumer groups make more than 100 recommendations to improve bank behaviour

A coalition of the country’s leading consumer organisations is calling on Australia’s major banks to make significant updates to their industry code to improve outcomes for customers. The Consumers’ F...

Buy now pay later sector must be regulated by Government not itself

Consumer groups have united to call for Federal Government regulation of buy now pay later (BNPL) services to protect consumers and put all credit providers on a level playing field. Today the Aus...

Product intervention power for continuing credit contracts – some further considerations

Consumer Action, Financial Rights Legal Centre and WEstjustice have made a second submission to the Australian Securities and Investment Commission’s (ASIC) Consultation Paper 330 (CP 330), in which A...

Buy now pay later report reveals one-in-five users going without essentials like meals

A report released today on the buy now pay later (BNPL) industry reveals statistics that suggest many Australians are being pushed into financial harm. The report by the Australian Securities &...

Stop The Debt Trap Alliance supports South Australian Bill for enhanced consumer protections

The Stop The Debt Trap Alliance has provided feedback on the draft Fair Trading (Small Amount Credit Contracts and Consumer Leases) Amendment Bill 2020 (SA). The Alliance) is a coalition of consume...

Government-led Senate Committee backs strengthening consumer protections for predatory payday loans and high-cost leases

A Senate Committee has handed down its final report on proposed reforms to payday loans and consumer leases in the National Consumer Credit Protection Amendment (Small Amount Credit Contract and Consu...

Australian Competition Tribunal decision: A missed opportunity to improve solar sales practices

The Australian Competition Tribunal (the Tribunal) has handed down its decision today on the New Energy Tech Consumer Code (the Code), the proposed industry code for new energy technology such as sola...

Report misses the mark on buy now pay later regulation

The Senate Select Committee on Financial Technology and Regulatory Technology has published its Interim Report. Consumer groups say the Interim Report has missed the mark on its recommendation encoura...

Consumer Action asks Tribunal to stop ‘buy now pay later’ solar rip offs

Today the Australian Competition Tribunal will commence hearing arguments on the New Energy Tech Consumer Code (the Code), the proposed industry code for new energy technology such as solar panel sale...

RBA Review of Retail Payments Regulation

The payments landscape has changed rapidly since the RBA’s last review of retail payment systems five years ago. The emergence of new payment schemes, such as buy now, pay later (BNPL) has skewed the...

Giving energy users access to fair finance for new energy tech

On 9 September 2019, Consumer Action attended a pre-decision conference on AA1000439 New Energy Tech Consumer Code (The Code) Application. We have provided a further submission following the discussio...

Urgent need for payday loan reform acknowledged by Consumer Affairs Ministers

The need for urgent law reform to protect consumers from unfair and predatory payday loans has been reinforced at a meeting of Australian and New Zealand ministers in Queenstown, New Zealand. Minis...

Response to ASIC’s update to internal dispute resolution requirements for financial firms (RG165)

It is critical that the process to make and resolve complaints with a bank, insurer, or super fund is timely, fair, and accessible, including for people experiencing vulnerability and disadvantage. O...

New Energy Tech Consumer Code must protect Australians from exploitative buy now pay later arrangements

Consumer Action regularly assists vulnerable and disadvantaged consumers in Victoria with legal and financial issues that arise due to new energy technology such as solar. . The New Energy Tech Consu...

ASIC Consultation Paper 313: Product intervention power

We welcome the introduction of the product intervention power (PIP) and look forward to ASIC using the power to target businesses that cause consumer detriment by engaging in predatory conduct or fail...

NZ Select Committee on Credit Contracts Legislation Amendment Bill: Opening Remarks

The below statement was delivered on 31 July 2019 by Consumer Action Law Centre CEO, Gerard Brody to the New Zealand Select Committee on Credit Contracts Legislation Amendment Bill. High co...

Opinion: Afterpay – Buy now, pain later?

Opinion – Gerard Brody, CEO Consumer Action Law Centre The boom of ‘buy now pay later’ at popular retailers has been touted as a win for business and consumers alike. But at a time when Australians...

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