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Consumer credit

Discussion paper

The role of buy now pay later services in enhancing competition in the Australian economy

This paper examines the current status of consumer credit and the market for buy now, pay later (BNPL) credit products.

It’s credit, it’s causing harm and it needs better safeguards

Financial counsellors are reporting that more and more clients have buy now, pay later (BNPL) debt and that this is causing financial hardship. The aim of this survey was to understand the extent of the issues, particularly given the broader context, as BNPL is now...
Discussion paper

Buy-now, pay-later: understanding the triggers of financial hardship and possible options to address them

This document highlights the relative benefits and costs from Buy-Now, Pay-Later (BNPL) services and how these could be addressed.
Discussion paper

The role of collateral in borrowing

This paper studies the role of collateral in credit markets under stress.
Discussion paper

Consumer payment behaviour in Australia: evidence from the 2019 Consumer Payments Survey

The 2019 Consumer Payments Survey (CPS) showed that Australians are continuing to switch to electronic payment methods in preference to cash for their day-to-day transactions. More recently, the switch to electronic payment methods is likely to have accelerated as a result of consumer and merchant...

Criteria for certification under the Credit Contracts and Consumer Finance Act 2003

The confirmed ‘fit and proper’ criteria outlined in this response report focus on whether all directors and senior managers of lenders and mobile traders are competent, financially sound, honest, reputable, reliable and competent to do the job.

Creating effective partnerships to support financial inclusion

Technology can unlock further, much-needed support for people in the community who are struggling to get by, but it needs to be targetted in the right place. Nesta believes that partnerships can be part of the solution to support those financially excluded in UK society.

Working towards a fairer consumer credit market

This paper considers interest rate caps, what is known about their use and impact in other jurisdictions, and how might they contribute to a fairer consumer credit regime in New Zealand.

Credit and hardship: report of the Senate inquiry into credit and financial products targeted at Australians at risk of financial hardship

The intractable maths of low income earners' family budgets pushes them towards the marginal credit products such as payday loans, consumer leases and debt management firms. This report argues that government can and should improve the terms under which these products are offered.

Regulatory framework for the protection of consumers in the banking, insurance and financial services sector

This report focuses on a number of key issues in the current consumer protection system. The list of key issues is not intended to be comprehensive; rather, the report provides a 'snapshot' of concerns raised in evidence about consumer protections, or the lack thereof, in...
Discussion paper

Consumer credit card choice: costs, benefits and behavioural biases

The credit card market offers consumers a wide range of options when choosing a card. While many factors may influence this choice, this paper focuses on the main financial costs and benefits of holding a credit card.

Strengthening protections for customers in hardship: draft rule determination

The Australian Energy Market Commission (AEMC) has made a draft rule to help customers who are having trouble paying their bills due to hardship. The rule aims to improve retailers’ hardship policies so customers can better understand their rights and get the help they need...

Credit card lending in Australia

This report discusses the findings from ASIC’s review of credit card lending in Australia between 2012 and 2017. In particular, it looks at consumer debt outcomes over this period, the effect of balance transfers, and the operation of key reforms for credit cards that commenced...
Discussion paper

Credit cards: responsible lending assessments - consultation paper

This consultation paper is for Australian credit licensees that are credit providers or that provide credit assistance, as well as other interested parties. It seeks feedback on proposals for the prescribed period to be used when assessing whether a credit card contract or credit limit...
Discussion paper

Review of consumer credit regulation: discussion paper

This discussion paper summarises MBIE’s findings from the review of the Credit Contacts and Consumer Finance Act 2003 (CCCFA).

Lender website review 2017/2018

The Commerce Commission has released this report detailing the findings of its review of 215 selected lenders’ websites for compliance with disclosure rules.
Briefing paper

Request for information - reforms to consumer lending: background paper 5

Reforms are being introduced to improve the efficiency and level of competition in consumer lending, with a goal of driving better pricing, enhanced access to finance and new products and services.

Surveillance of credit rating agencies

This report presents the findings of our surveillance under s912E of the Corporations Act of six credit rating agencies in Australia. The surveillance period was 1 January 2016 to 31 October 2017.

Survey of marketplace lending providers

This report provides an overview of the marketplace lending industry, based on the findings from ASIC’s survey of a limited cross-section of marketplace lending providers in November 2016.