Tag: Senate

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Open super in Australia: The Consumer Data Right could be extended to the superannuation industry
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Senate Committee publishes report and recommendations on regulation of Australian buy now pay later industry

Open super in Australia: The Consumer Data Right could be extended to the superannuation industry

By Jim Bulling and Rebecca Gill

On 23 October 2019, the Senate Committee on Financial Technology and Regulatory Technology (Committee) published an issues paper regarding its comprehensive inquiry into fintechs and regtechs in Australia.  One aspect of the inquiry looks into the possibility of extending the Consumer Data Right (CDR) to the superannuation industry. 

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Senate Committee publishes report and recommendations on regulation of Australian buy now pay later industry

Jim Bulling and Felix Charlesworth

Following on from the Senate Hearings in January 2019, the Economic References Committee (Committee) published its Report on credit and financial services targeted at Australians at risk of financial hardship.

In addressing the current regulation of the buy now pay later (BNPL) industry, the Committee raised its concerns about the ease of accessibility of BNPL services to consumers experiencing financial hardship. Despite BNPL businesses, such as AfterPay and Zip.co stating that they already had algorithms in place to detect whether it was appropriate to provide services to an individual, the Committee stated that “clearly more needs to be done to ensure consumers are protected, and company algorithms alone are not sufficient.”

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