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Booming buy now pay later sector defends self-regulation

Booming ‘buy now pay later’ sector defends self-regulation We’re sorry, this service is currently unavailable. Please try again later. Dismiss Save Normal text size Advertisement Buy now, pay later (BNPL) firms such as Afterpay have committed to disclosing caps on their late fees and carrying out mandatory checks on the finances of customers borrowing larger amounts under an industry code taking effect today. Amid surging valuations for BNPL stocks and a heated debate about whether the booming market should be more stringently regulated like credit card products, the industry’s code of practice attempts to set various minimum standards for eight member firms, including local leaders Afterpay and Zip.

ASIC releases technical updates to RG 246

Date Time ASIC releases technical updates to RG 246 ASIC today released technical updates to Regulatory Guide 246 Conflicted and other banned remuneration (RG 246) to reflect recent changes to the law. The updates to RG 246 reflect: the end of the grandfathering of conflicted remuneration for financial product advice from 1 January 2021; and the extension of the ban on conflicted remuneration to stamping fees paid in relation to listed investment companies and listed investment trusts (excluding real estate investment trusts) that took effect on 1 July 2020. The ban on conflicted remuneration for financial product advice applies to all benefits given on or after 1 January 2021. Product issuers are required to provide rebates to clients for all previously grandfathered benefits that they remain legally obliged to pay on or after 1 January 2021.

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