Australia’s Federal Court said the lending model the firms operated was specifically intended to avoid provisions of the National Credit Act.
July 15, 2023AFCA has received more than 3,300 complaints against BNPL providers since 2018. ASIC supports regulating BNPL under the National Credit Act.
February 17, 2023The options seek to ensure BNPL is subject to appropriate regulation that balances consumer protection while still encouraging innovation.
November 29, 2022ASIC is now considering using its broader product intervention powers to address consumer detriment in continuing credit contracts.
July 1, 2022ASIC says ME Bank made false or misleading representations about interest rates and repayment amounts to home loan clients.
September 15, 2021Two firms repeatedly engaged in disruptive, aggressive and uncooperative behaviour toward AFCA, a civil penalty offence since April 2019.
August 6, 2021ASIC’s appeal seeks judicial clarification on the operation of key obligations under the National Credit Act and National Credit Code.
July 28, 2021Providers of debt management services including debt negotiation or credit repair services must obtain a credit licence to continue operating.
July 8, 2021Firms providing debt management services need to apply to ASIC for a credit licence and become a member of AFCA by 30 June 2021.
May 10, 2021ASIC launched civil proceedings against CBA in March alleging that the bank failed to take account of a notification by a customer that he was a problem gambler.
November 2, 2020