AFIA confirms important role of the BNPL code of practice

14 May 2025

The Australian Finance Industry Association (AFIA) has today confirmed the Buy Now Pay Later (BNPL) sector is reviewing and updating the BNPL Code of Practice, so it continues to play an important role in our co-regulatory framework.

The BNPL Code was introduced as a world-first on 1 March 2021 and has been important in setting best practice standards and strengthening consumer protections, with a number of the industry commitments made in the BNPL Code now embedded in the forthcoming BNPL regulatory framework. The signatories to the BNPL Code represent an estimated 75 percent of the BNPL market.

The new BNPL regulatory framework is due to commence on 10 June 2025, with the regulations only finalised in March just before the Federal election, and the subsequent regulatory guidance published last week by the Australian Securities and Investments Commission.

“Now that the BNPL sector has a complete picture of the new BNPL regime being introduced by the government, we can recommence our work of updating the BNPL Code to ensure it is consistent with the new laws and supports good consumer and industry outcomes,” AFIA CEO Diane Tate said.

See the PDF version of this Media Release here.