BNPL Archives - Consumers' Federation of Australia

4 August , 2023

Win for Consumers: Anti-Avoidance Provision Bill Commended to the House

After many years of campaigning against the damaging practices of Buy Now Pay Later (BNPL) schemes, the Assistant Treasurer and Minister for Competition, Charities, and Treasury Hon. Andrew Leigh MP has commended the Treasury Laws Amendment (2023 Measures No. 3) Bill 2023, partly designed to close loopholes utilised by BNPLs, to the House of Representatives.

1 August , 2023

AFIA Buy Now Pay Later Code Compliance Committee Chair Announced

The Australian Finance Industry Association (AFIA), the peak body for the entire Australian finance industry, today announced that Ms Jillian Brewer has been appointed as the new chair of the AFIA Buy Now Pay Later Code Compliance Committee (CCC) for a three-year term. Jill was an inaugural member of the CCC and is an experienced lawyer, conciliator, investigator and trainer, with more than 20 years of experience in alternative dispute resolution.

28 July , 2023

Record Number of Financial Complaints for Second Year in a Row

“We are deeply concerned by the volume of complaints consumers are having to escalate to AFCA,” chief ombudsman David Locke says. “It’s not fair on consumers and not good for business. We need to see a significant improvement from firms.”

20 July , 2023

Buy Now Pay Later – Debt Traps and Essentials

Financial Counselling Australia’s latest report, ‘Small Loans, Big Problems’, has highlighted once more the need for urgent reform to the Buy Now Pay Later (BNPL), especially with the continued cost of living crisis and with many still feeling the impact of the 2022 floods.