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Banks accused of bias against BNPL in lending process
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An executive from buy now, pay later provider Zip has echoed reports from brokers around how banks treat home loan applicants who have used the payment method.
Speaking to the parliamentary joint committee on corporations and financial services on Monday, Zip Co co-founder and chief operating officer Peter Gray launched some accusations against some unnamed banks of anticompetitive conduct.
One of the claims Mr Gray made was that the primary reason for customers deleting their Zip accounts is their bank had told them they needed to drop their buy now, pay later provider in order to secure a mortgage.
The European Union and the Netherlands are investigating issues relating to access to iPhone NFCs.
Treasury has received a report examining the regulatory architecture of the payments system but this has not been released. Over the past two days, the PJC heard evidence there are too many regulators involved in payments regulation in Australia, creating confusion about respective responsibilities.
âDistortions in marketsâ
The committee is considering whether to recommend a law such as one introduced in Germany, which creates an access regime for NFCs. The RBA said on Monday if an access regime was created in Australia, banks would still need to pay something to Apple for using its infrastructure.
AMP refuses to speculate on adviser exits
AMP refuses to speculate on adviser exits
AMP has refused to be drawn in on speculation about how many advisers will opt to exit the company by year’s end, following news the wealth giant will cease buyer of last resort arrangements across its aligned network.
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Advisers – some of whom were terminated in 2019 – have until 31 December to exit alongside the cessation of client register buy-back arrangements as part of changes to AMP’s new advice model.
Speaking on a conference call on Monday to coincide with the announcement, AMP’s head of advice, Matt Lawler, said though the company will not speculate on how many will exit, they remain confident all can be managed.
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