Consumer groups demand stricter regulation of buy now, pay later loans to reduce harm

Federal government releases options paper with toughest proposal agreeing BNPL should be regulated like credit cards * Follow our Australia news live blog for the latest updates * Get our morning and afternoon news emails, free app or daily news podcast Buy now, pay later providers should be regulated like other credit products to protect consumers, given the potential harm caused during the cost-of-living crisis, a coalition of consumer groups has said. On Monday, the federal financial service minister, Stephen Jones, released a Treasury paper for public consultation. It contained three options for better regulating buy now, pay later (BNPL) services such as Afterpay, including by treating them the same as credit cards under the National Consumer Credit Protection Act. Sign up for Guardian Australia’s free morning and afternoon email newsletters for your daily news roundup Continue reading...
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