1 year ago
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Asic raises concerns about people being charged missed payment fees or giving up essentials to afford BNPL repayments
Australia’s corporate watchdog has backed regulating buy now, pay later providers such as Afterpay and Zip the same as other credit products over growing concerns about the harm on consumers.
In its submission made public on Thursday to a Treasury consultation on how to improve regulation of the providers, the Australian Securities and Investments Commission (Asic) said it supported regulating buy now, pay later (BNPL) products under the National Credit Act and National Credit Code.
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