A review commissioned by the sector and undertaken by ex-ASIC deputy chairman Peter Kell found the current arrangements were too vague.
The report by Promontory, led by former ASIC deputy chairman Peter Kell, called for members of the code – which has been signed by all the major BNPL providers including Afterpay and Zip – to improve commitments to struggling customers and recognise problems around financial abuse.
Promontory said it would be premature to redraft the section of the code dealing with “suitability assessments” before the government decides on the regulatory model.But it called for AFIA to do so as soon as the government position is known. This should clarify how customer information is used to inform the suitability assessment, improve the visibility of customers with multiple BNPL accounts or other credit products, and work out how to manage credit limit increases.
. “It is an emerging sector, and it is taking the time and effort to make sure these are good products. AFIA has changed the code already and is looking how to lift and improve it further.”
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