The Buy Now Pay Later Code Compliance Committee (CCC) is an independent committee responsible for the administration and enforcement of the Buy Now Pay Later Code of Practice has released its first year review.

The BNPL Code commenced on 21 March 2021.

In its first year of operation, the CCC accredited eight BNPL providers as “code compliant
members” of the Code.

The BNPL providers who are accredited represent an estimated 95% of the BNPL market in Australia
by value of transactions. The code compliant members as at the date of the report are Afterpay,
Brighte, humm BNPL, Klarna, LatitudePay, Openpay, Payright and Zip.

Code compliant members report quarterly to the CCC about IDR and EDR matters.

Only 5 complaints were made to the CCC about alleged breaches of the Code in the 12 months since the Code came into effect. Of the five complaints received, four were referred to the member to be dealt with under their internal dispute resolution (IDR) processes, and one was investigated by the CCC after it was dealt with through external dispute resolution (EDR).

The complaint that was investigated related to alleged maladministration of a customer’s account.
In this case, the CCC determined that the allegations did not constitute a breach of the Code.

However, the CCC required the code compliant member to review its compliance with the Disability
Discrimination Act and the Privacy Act, and to ensure it had a clear credit policy in relation to
disability support pensioners.

The CCC was satisfied with the actions taken by the code compliant member in response to the
above and no further action was required.

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