FCVic welcomes the opportunity to provide a submission to Treasury’s Buy Now Pay Later regulatory reform consultation. Our members have told us many stories about the predatory nature of Buy Now Pay Later (BNPL) credit providers, payday loan providers, and other low cost credit contract providers and lenders, and the negative impacts on the financial wellbeing of vulnerable Victorian clients.

We note and support the excellent consumer advocacy work by CHOICE in this field, with partners including our federal peak body Financial Counselling Australia, Financial Rights Legal Centre and Consumer Action Law Centre – to name a few.

We support all recommendations put forth by these consumer advocacy bodies in their submission to this consultation and provide a few further observations and recommendations.