Joint submission response to proposed legislation to BNPL laws addressing Schedule 2 of the Bill. If passed, it would regulate BNPL as a low cost credit product (LCCC) under the National Consumer Credit Protection Act 2009 (NCCPA). It would also apply key protections to BNPL that are fundamental to safe access to credit, and bring these protections closer to what is mandated across the regulated credit industry.
240628 Submission BNPL Senate CommitteeTreasury Laws Amendment (Responsible Buy Now Pay Later and Other Measures) Bill 2024
Submission to: Senate Economics Legislation Committee
Related Projects
Modernising the Telecommunications Industry Ombudsman Terms of Reference
Submission to: Telecommunications Industry Ombudsman
FCA’s submission is limited to the consideration of proposed changes to the TIO’s jurisdiction, specifically the inclusion of a new small business definition. Financial counsellors are increasingly assisting small business clients. We support the inclusion of an explicit definition of small business into the terms of reference, based on the number of employees. This is simple to understand and explain. We recommend that the definition be that a small business employs less than 100 employees. This is the definition used by the Australian Financial Complaints Authority (AFCA), the Australian Small Business and Family Enterprise Ombudsman and also reflects the ASIC exemption applying to financial counselling agencies under the Corporations Act.
FCA’s submission is limited to the consideration of proposed changes to the TIO’s jurisdiction, specifically the inclusion of a new small business definition. Financial counsellors are increasingly assisting small business clients. We support the inclusion of an explicit definition of small business into the terms of reference, based on the number of employees. This is simple to understand and explain. We recommend that the definition be that a small business employs less than 100 employees. This is the definition used by the Australian Financial Complaints Authority (AFCA), the Australian Small Business and Family Enterprise Ombudsman and also reflects the ASIC exemption applying to financial counselling agencies under the Corporations Act.
Inquiry into family, domestic and sexual violence
Submission to: Submission to House of Representatives Standing Committee on Social Policy and Legal Affairs
This submission describes some of the systemic barriers facing women who are affected by family violence and makes recommendations to overcome them. These include the Centrelink couples rule and how this can allow one partner to control another and the financial harm visited on women and children when child support is collected through a private arrangement but the other parent pays less than promised. There is a need for Family Support Package funding so women can leave DFV relationships and re-establish and adequate access to legal advice and representation in family law matters. The submission also recommends funding for 50 specialist family violence financial counsellors so that every State and Territory has equitable access to this service.
This submission describes some of the systemic barriers facing women who are affected by family violence and makes recommendations to overcome them. These include the Centrelink couples rule and how this can allow one partner to control another and the financial harm visited on women and children when child support is collected through a private arrangement but the other parent pays less than promised. There is a need for Family Support Package funding so women can leave DFV relationships and re-establish and adequate access to legal advice and representation in family law matters. The submission also recommends funding for 50 specialist family violence financial counsellors so that every State and Territory has equitable access to this service.