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Fintech inquiry warns against ‘one size fits all’ regulation – Sydney Morning Herald
A Senate inquiry says it should be up to federal parliament to set policy for new financial products that do not fit easily into the existing policy frameworks such as buy now, buy later schemes.
In an interim report tabled late on Wednesday, the Senate committee on Financial Technology and Regulatory Technology backed the BNPL sector’s code of practice, saying self-regulation helped to protect innovation. It said such self-regulation could later be backed up with a policy from parliament.
“Although it is appropriate that ASIC and the RBA undertake reviews into various regulatory issues, the policy in this space must be set by the Parliament,” the report said.
“It is therefore appropri…
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