The Senate Committee studying BNPL regulations has waved through...

The Senate Committee studying BNPL regulations has waved through the recommended legislation related to making BNPL regulated under the Credit Act, which means that providers will now have to hold an Australian Credit Licence and issue credit under abridged responsibilities for BNPL, including that credit issued is 'not unsuitable'. That is the bit that has no specific rules to follow, was opposed by Afterpay and leaves ASIC with a big stick if the licence holder steps out of line. Scary stuff. One more.............the new regulations leave merchants able to offer BNPL themselves without the requirement for a credit licence providing that they do not offer other credit products....................could be an interesting development.....................no doubt there will be somebody clamouring to find their way around the regulations.............get the good oil in the Bear Room lol