Business
Consumer groups attack the new buy now, pay later code of conduct – The Australian Financial Review
There are renewed calls for the government to regulate buy now, pay later by extending the credit act, as the new industry code is deemed to be inadequate.
In response to a recommendation from a Senate committee in February 2019, and subsequent criticisms by the Australian Securities and Investments Commission, the industry drew up a code giving power to an independent committee to name and shame those that contravene the code and impose compensation. Players also committed to not initiating bankruptcy proceedings against customers and setting up processes for customer complaints.
However, nothing in the new code will require existing players to do…
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