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The secret ‘buy now, pay later’ consumer lender code of conduct you are not allowed to see

December 2, 2021

Consumer Affairs Minister David Clark​ is refusing to release a draft code of conduct created by the buy now, pay later finance industry.

Consumer advocates and identity fraud victims, are unhappy with the decision, saying the minister should publish the draft code because the Government is consulting the public on whether to allow the buy now, pay later (BNPL)industry to self-regulate with its own code of conduct.

“Why does it need to be confidential? Share it around, otherwise we don’t know what we are submitting about,” Natalie Vincent,​ general manager of social good lender Ngā Tāngata Finance​ says.

Clark says the draft code is “commercially sensitive and in draft form”, and that it is “inappropriate to share at this stage.”

Excerpt from Stuff

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