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Booming 'buy now pay later' sector defends self-regulation


Booming ‘buy now pay later’ sector defends self-regulation
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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. ....

Peter Gray , Clancy Yeates , Gerard Brody , Diane Tate , Consumer Action Law Centre , Financial Services Royal Commission Final , Financial Services Royal Commission Final Report , Latitude Financial , பீட்டர் சாம்பல் , ஜெரார்ட் பிராடி , டயான் டேட் , நுகர்வோர் நடவடிக்கை சட்டம் மையம் , நிதி சேவைகள் அரச தரகு இறுதி , நிதி சேவைகள் அரச தரகு இறுதி அறிக்கை , அட்சரேகை நிதி ,

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. ....

Financial Services Royal Commission Final , Regulatory Guide , Financial Services Royal Commission Final Report , Treasury Laws Amendment , Ending Grandfathered Conflicted Remuneration , Corporations Act , Corporations Amendment , Stamping Fee Exemption , Corporations Regulations , நிதி சேவைகள் அரச தரகு இறுதி , ஒழுங்குமுறை வழிகாட்டி , நிதி சேவைகள் அரச தரகு இறுதி அறிக்கை , கருவூலம் சட்டங்கள் திருத்தம் , நிறுவனங்கள் நாடகம் , நிறுவனங்கள் திருத்தம் , ஸ்டாம்பிங் கட்டணம் விலக்கு , நிறுவனங்கள் ஒழுங்குமுறைகள் ,