UK government told voluntary industry code ‘woefully inadequate’ at protecting consumers in Australia

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Consumer groups have warned the UK government against following Australia’s lead in allowing the booming buy now, pay later (BNPL) industry to regulate itself, arguing that approach has been “woefully inadequate in curbing consumer harm”.

In a joint submission to a consultation process on BNPL regulation run by the UK Treasury, Australia’s Consumer Action Law Centre (Calc) and Financial Counselling Australia (FCA) said there were substantial holes in a voluntary industry code.

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