ACCAN recently responded to The Treasury’s Regulating Buy Now, Pay Later in Australia consultation on the future regulatory framework for buy now, pay later (BNPL) arrangements under the National Consumer Credit Protection Act 2009 (the Credit Act). In our submission we endorsed the joint consumer submission to this consultation led by Financial Rights Legal Centre.

ACCAN argued in the submission that telecommunications debts are fundamentally credit and should be regulated in the same way as equivalent credit products under the Act and the National Credit Code. The limited regulation of telecommunications debts is contributing to the risk of financial hardship faced by vulnerable consumers. To avoid consumer harm more effectively in the first instance, broader reforms need to be undertaken to reduce the risk of financial hardship posed by telecommunications debts.

Download:  Treasury - Regulating Buy Now Pay Later in Australia3.45 MB

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