If It Walks, Talks, and Acts Like Credit...
We know that regulatory compliance will soon affect providers around the world, and in some cases, has already arrived. Australia has defined BNPL as a credit product and will be regulated as such. The same designation has been decided in the UK and the US , where regulation is pending. The EU is also in the process of bringing BNPL under the Consumer Credit Directive. As the Australian Financial Services Minister Stephen Jones said , “If it looks like a duck, walks like a duck, sounds like a duck, it’s a duck – and it should be regulated as a credit product.” “If it looks like a duck, walks like a duck, sounds like a duck, it’s a duck - and it should be regulated as a credit product.”
Stephen Jones Australian Financial Services Minister
15
Made with FlippingBook Digital Publishing Software