The Australian Finance Industry Association has pushed back the launch date for the Buy Now Pay Later Code of Practice from the planned start date of 1 January next year to 1 March, saying “the difficulties of 2020” impacted the timeline.
AFIA’s BNPL members are Afterpay, Brighte, FlexiGroup, Klarna, Latitude, OpenPay, Payright and Zip. All have been involved in the development of the code.
AFIA chief executive Diane Tate said that, while the launch would be delayed, the association’s members had already embraced many of the code’s key aspects.
The extended timeline gives AFIA an opportunity to examine the findings of an ASIC review of the sector, which is expected this month.
AFIA has appointed former ACCC deputy chair Michael Schaper to head the code compliance committee. He will be joined by legal and consumer representatives.
Schaper’s role at the ACCC included responsibility for industry codes, small business, franchising and industry associations.
AFIA said the code would not be published before the start date.