Buy now pay later (BNPL) services are increasingly regulated under the National Consumer Credit Protection Act as low-cost credit contracts, with mandatory requirements being phased in (e.g. from 2025). BNPL providers generally must hold a credit licence or authorisation and meet responsible lending obligations, including affordability assessments and hardship assistance. ASIC oversees compliance. Rules and timing are subject to change; check ASIC and Treasury for current information.

Protections include ASIC regulation, mandatory AFCA membership, and the Financial Accountability Regime for certain institutions. The Consumer Data Right allows you to access and share banking data securely. ASIC monitors compliance and enforces penalties for misconduct. Frameworks evolve; refer to ASIC and AFCA for current information.

Consumer Data Right (CDR) lets you securely share banking data with accredited third-party providers through your bank’s app or website. You control what is shared and can revoke access at any time. CDR is expanding (e.g. action initiation, non-bank lending). Scope and timing can change; check CDR and your bank for current details.

The Financial Accountability Regime (FAR), in effect from March 2024 for banking and insurance, requires senior executives to take personal responsibility for decisions and conduct. It supports accountability for breaches affecting customers and works alongside ASIC oversight. Requirements may be updated; refer to ASIC and Treasury for current information.

Foreign Financial Service Providers (FFSPs) can offer services to Australian wholesale clients under transitional relief (e.g. extended to March 2027), with permanent exemptions under development. For retail customers, foreign providers typically need an Australian Financial Services licence to meet domestic regulatory standards. Rules and timelines change; check ASIC and Treasury for current guidance.