Whereas Afterpay, led by Nicholas Molnar, does not support such regulation, arguing instead that giving ASIC the product intervention powers the regulator has requested is the appropriate action.
The Labor-led Senate committee is examining the provision of credit to vulnerable customers and heard from Mr Diamond and Mr Molnar earlier this week.
It was only two months ago that ASIC finished a report examining the buy now, pay later sector that concluded that some product intervention powers for ASIC would be sufficient.
In its submission to the Senate committee, ASIC acknowledge that the national credit law may not be fit for purpose. “The popularity of these arrangements is growing rapidly, but the National Credit Act and National Credit Code were not drafted with these arrangements in mind,” the submission said.
from A Viral Update http://bit.ly/2MtRiYB
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