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ARTICLE · 20 MARCH 2023

Five minutes in financial services – March 2023

Piper Alderman
Piper Alderman
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Piper Alderman

Piper Alderman

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February was a mega month of financial services enforcement activity, regulatory developments and proposals for reform.

AustraliaFinance and Banking
Andrea Beatty
Andrea Beatty
Joshua Annese
Joshua Annese
Shannon Adams
Shannon Adams
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Partners, Andrea Beatty, Shannon Adams and Joshua Annese provide an update on key reforms and developments in financial services for February 2023.

What did Santa bring for 2023?

The holiday period seems a long distant memory, both for us and seemingly for our politicians and regulators - February was a mega month of financial services enforcement activity, regulatory developments and proposals for reform.

BNPL

The regulation of Buy Now, Pay Later (BNPL) products is on the table following the publication of Treasury's Options Paper in November, with 'Option 3' (bringing the regulation of BNPL regulation in line with existing consumer credit products) emerging as the preferred option in the court of public opinion. It's unsurprising that larger lenders with established frameworks compliant with the National Consumer Credit Protection Act 2009 (Cth) would support more onerous regulatory obligations for BNPL products. The Australian Finance Industry

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