FCVic welcomed the opportunity to join a coalition of consumer advocacy and financial counselling organisations to provide feedback on the Australian Securities and Investments Commission’s (ASIC) draft regulatory guide for low-cost credit contracts (LCCCs). The submission welcomes ASIC’s guidance on the new Buy Now, Pay Later (BNPL) legislative regime but calls for greater clarity and additional examples to help businesses and consumers navigate the changes.

Joint submission by:

• Financial Rights Legal Centre
• Mob Strong Debt Help
• Care ACT
• CHOICE
• Consumer Action Law Centre
• Consumer Credit Legal Service WA
• Economic Abuse Reference Group
• Financial Counselling Australia
• Financial Counselling NSW
• Financial Counselling Victoria
• Redfern Legal Centre