Minister Jones’ Statement on BNPL and POS Exemption 

On 7 August 2023, the Minister for Financial Services, the Hon. Stephen Jones MP, provided further information on the Government’s proposed approach to the Point-of-Sale (PoS) exemption and the regulation of Buy Now, Pay Later (BNPL).

The Minister said the following in response to a question on the implementation of recommendations from the Royal Commission Misconduct in the Banking, Superannuation and Financial Services Industry (‘the Hayne Royal Commission’):

 ‘The final recommendation to government that I haven't dealt with so far deals with point-of-sale exemptions in relation to certain credit products. I propose to deal with that in the context of the buy-now pay-later reforms that I hope to bring into the parliament if not late this year then early next year. I think that would be a very important reform.

If members have any questions on either of these matters, please contact AFIA Senior Policy Adviser, Sebastian Reinehr at [email protected].