![]() “This survey just shows this is a problem we’ve got to fix.”įCA says the new rules must, at a minimum, include income verification and an “appropriate credit check”, while larger BNPL providers should be brought under responsible lending laws. “This survey shows that if they don’t get this right then this product is going to harm more and more people.” Ms Guthrie said. The government has raised the possibility of introducing new rules that would effectively be a scaled-back version of responsible lending obligations, though consultations are still ongoing. ![]() Ms Guthrie told The New Daily that the survey raises the stakes of an impending federal government crackdown on the industry, which advocates fear won’t go far enough to protect consumers. ![]() The FCA survey found Australians are using BNPL for a range of essential purchases.Ībout 40 per cent said their clients commonly use BNPL for fuel, while 32 per cent said clients are turning to the services for utility bills such as gas and electricity amid soaring prices.Īustralians are suffering with double-digit price hikes on their utility bills this year, while petrol prices remain near multi-decade highs at around $2-a-litre in major capital cities like Sydney, Brisbane and Melbourne. “But the ease of accessing BNPL loans, combined with mounting cost-of-living pressures has meant more people are resorting to it just to get by.” “BNPL was never intended as a way to pay for everyday living expenses,” Ms Guthrie said.
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