Policy Update - February #1
Buy Now Pay Later (BNPL) – Draft Regulations 2025
The government is seeking feedback on the National Consumer Credit Protection Amendment (Low Cost Credit) Regulations 2025 (the draft Regulations). These regulations support the Treasury Laws Amendment (Responsible Buy Now Pay Later and Other Measures) Act 2024, which was recently passed by Parliament.
This consultation serves as a technical feedback to ensure that the regulations align with the intended policy framework of the regime. Treasury does not anticipate any substantive changes to these regulations as a result of this consultation.
Submissions are open until 12 February 2025. Please contact our policy team if you'd like to make a submission.
ASIC invites feedback on BNPL regulatory guidance
ASIC is seeking feedback from Buy Now Pay Later (BNPL) providers on its proposed regulatory guidance for the industry, following obligations from 10 June 2025, including the modified responsible lending obligations in Chapter 3 of the National Consumer Credit Protection Act 2009. The draft paper is aiming to assist BNPL providers in understanding the key obligations, including compliance with the modified responsible lending requirements and electronic provisions.
ASIC has invited feedback with submissions due by 5:00 pm AEDT on 7 March 2025 via email to rri.consultation@asic.gov.au.
FinTech Australia is considering making a submission and will gauge interest from members before proceeding. If you would like to contribute or share your views, please contact our policy team.
Other news
Australian Quantum Delegation to Expo 2025 Osaka: expression of interest- The Department of Industry, Science and Resources (DISR) invites Australian quantum tech companies to express interest in a 5-day delegation to Expo 2025 Osaka in May.
We are working on these submissions:
Public consultation on new AML/CTF Rules: FinTech Australia will make a submission and circulate a draft to our Policy Working Group to help shape our submission.
Consultation Paper 381 (CP 381): Updates to INFO 225: Digital Assets: Financial Products and Services: FinTech Australia will be making a submission and circulate a draft to our Policy Working Group to for further feedback before the consultation closes on 28 February 2025.
We recently made submissions on:
Review of Merchant Card Payment Costs and Surcharging - Issues Paper
Consumer Data Right Rules – Non-Bank Lending and Banking Data Scope Consultation
Introducing Mandatory Guardrails for AI in High-risk Settings
CDR Rules: Consent and Operational Enhancement Amendments Consultation
See our recent submissions on our website.
FinTech Australia regularly makes submissions to consultations across a wide range of policy and regulatory issues. Communications about how to get involved in these processes are distributed to our Policy Working Group membership.
