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The Australian Finance Industry Association announced a review of the Buy Now Pay Later Code of Practice on 14 October 2022. The Review is being led by Promontory Australia who have today issued a consultation paper to guide the Review.
The Review will assess the effectiveness of the BNPL Code in achieving its objectives, which include promoting customer centricity in design, marketing, and distribution, supporting high industry standards and compliance with legal and self-regulatory obligations, and driving best practice across the BNPL industry.
Diane Tate, CEO of AFIA, encouraged participation in the review by consumer representatives, retailers and merchants, and other stakeholders with an interest in or experience of BNPL products and services, to help enhance the strength of the standards contained in the BNPL Code.