BNPL Archives - Consumers' Federation of Australia

25 July , 2024

Money Yarns, Stronger Futures – Highlighting Challenges and Bold Recommendations

The Consumer Action Law Centre has today released a groundbreaking report titled Money Yarns, Stronger Futures. The report amplifies the voices of First Nations people, sharing their personal experiences to shed light on the significant challenges they face in achieving financial prosperity. Money Yarns, Stronger Futures not only highlights these challenges but also offers bold recommendations for both…

27 June , 2024

Majority of Concessioners Not Aware of Energy Bill Concessions

A new independent report released by the Melbourne Institute: Applied Economic & Social Research at the University of Melbourne reveals that just over 35 percent of Australians have a concession card, yet only one third of them are aware they may be eligible for energy concessions on their bills. The report surveyed 3187 respondents, 1154…

5 June , 2024

Consumer Groups Welcome New Credit Regulations for Buy Now, Pay Later

New laws regulating Buy Now, Pay Later (BNPL) have been announced today. Consumer groups respond as follows: Quotes attributable to Stephanie Tonkin, CEO of Consumer Action Law Centre “We welcome the Albanese Government’s new laws that regulate Buy Now, Pay Later as credit and introducing consumer protections. “Every day we speak to people in financial…

22 April , 2024

Financial Counselling Industry Fund Launches

More Australians will now have access to support from financial counsellors with the launch of the Financial Counselling Industry Fund (FCIF). The FCIF is the result of a collaboration between the financial counselling sector and a number of industries and companies – Australian Banking Association member banks, Australian Energy Council, Energy Networks Australia, Insurance Council…

18 March , 2024

Consumer Representative Opportunity: Buy Now Pay Later Code Compliance Committee

About the Opportunity Established in 2021, the Buy Now Pay Later (BNPL) Code of Practice sets best practice standards for the sector and strengthens consumer protections. The BNPL providers accredited to this Code represent an estimated 95 percent of the BNPL market – Afterpay, Brighte, Humm Group, Klarna, Payright, Plenti and Zip Co. The Australian…

13 March , 2024

Buy Now, Pay Later Regulation A Step Forward, But Regulatory Holes Remain A Concern

Original media release by and from Consumer Action Law Centre (12/03/2024). Consumer groups have responded to draft Buy Now, Pay Later legislation (BNPL) released today : Quotes attributable to Stephanie Tonkin, CEO of Consumer Action Law Centre“We welcome regulating Buy Now, Pay Later and future unregulated products as credit because every day we are speaking…

16 February , 2024

MoneySmart Data Reveals Gender Disparity in Young Adult’s Financial Stress

New research released by ASIC’s Moneysmart has shed light on the financial concerns of Australian Gen Z women, revealing that they are more likely than Gen Z men to feel stressed and overwhelmed by finances and money.
“These findings demonstrate the importance of empowering young women to move past girl math and take control of their finances. Countless studies have shown financially literate people are better at budgeting and saving, managing mortgages and debt, planning for retirement, and growing their wealth. These behaviours aren’t inherent – they can be learnt at any age. That’s why we need to change the equation on girl math in 2024,”

14 November , 2023

Gen Z and Finance – Stress, Debt, BNPL, and the Desire for Better Money Skills

New research shows Gen Zs are feeling financially stressed, with high levels of debt including Buy Now Pay Later use.

27 October , 2023

AFCA Publishes 2022-2023 Annual Review, Updates AFCA Datacube

From 1 July 2022 to 30 June 2023, AFCA received 96,987 complaints from consumers and small businesses – 34% more than the year before, and the most ever received by AFCA.

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.”