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This is ASIC's recommendation re Afterpay:

As a base level of protection, we consider that ASIC’s proposed product intervention power should include all credit regulated under the ASIC Act, so that we can act quickly to address any significant consumer detriment to consumers from these arrangements.

We consider that this would provide an appropriate level of regulation in this market that balances the following factors: (a) it would allow ASIC to respond quickly and effectively to address the causes of significant consumer detriment when they arise; (b) it would minimise regulatory cost; and (c) it would therefore foster consumer trust and confidence in buy now pay later arrangements, especially during this period of substantial growth.

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The ASIC Act prohibits unconscionable, false, deceptive and misleading conduct in relation to buy now pay later arrangements, but we consider that these safeguards, in isolation, are inadequate for protecting against the potential risks to consumers. 78 We consider that the widespread use of these arrangements suggests there is a need for reforms to introduce consistent and comprehensive standards of conduct where there is consumer detriment. We therefore support the extension of the PIP reforms to these products, consistent with our view that they should apply to all financial products regulated by the ASIC Act.