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| Name | Afterpay and Zip could face tougher future under new laws | The Business | ABC News |
| Video Uploader | Video From ABC News (Australia) |
| Upload Date | This Video Uploaded At 22-05-2023 09:45:41 |
| Video Discription | An estimated 7 million Australians use buy now pay later to make purchases, but the federal government is placing limits on who providers can market to and who can access their services. It says new rules that bring buy now pay later under Credit Act are aimed at better protecting millions of people who use the products. Companies will soon be required to hold an Australian Credit Licence and will need to carry out more affordability checks on customers to ensure they don't get into too much debt. Firms also won't be allowed to raise spending limits without permission, will need better complaint processes and will face limits on how they can market their products and caps on fees charged for missed and late payments. Australia and the UK are among the first countries to move to regulate the industry, which could result in some smaller players exiting the market. Subscribe: http://ab.co/1svxLVE Read more here: https://ab.co/3Owa2c5 ABC News provides around the clock coverage of news events as they break in Australia and abroad, including the latest coronavirus pandemic updates. It's news when you want it, from Australia's most trusted news organisation. For more from ABC News, click here: https://ab.co/2kxYCZY Watch more ABC News content ad-free on ABC iview: https://ab.co/2OB7Mk1 Go deeper on our ABC News In-depth channel: https://ab.co/2lNeBn2 Like ABC News on Facebook: http://facebook.com/abcnews.au Follow ABC News on Instagram: http://instagram.com/abcnews_au Follow ABC News on Twitter: http://twitter.com/abcnews Note: In most cases, our captions are auto-generated. #ABCNews #ABCNewsAustralia |
| Category | News & Politics |
| Tags | Australia | abc | abc news | news | buy now pay later | bnpl | afterpay | zip | regulation | industry | business | profitability | responsible lending | customers | consumers | affordability | financial services providers | credit | consumer protections | debts | credit checks | late fees | fee caps | hardship provisions | complaints handling | financial hardship | financial literacy | financial advice | fintech | tech | federal government | government | politics | auspol | stephen jones | peter gray | asic | treasury | finance | economy |
