This panel will discuss the pending changes to legislation around responsible lending and subject to outcomes we will discuss how the industry will respond, how it will affect consumers and why culture is more important than ever.

Lendi has spent the last decade building a highly successful platform and with the planned merger with Aussie we will see the platform power the Aussie network and supercharge their role as influencers, creating better customer experiences whilst ensuring the tech is both auditable and scalable. David will discuss his vision for the role technology will play in empowering brokers and consumers alike whilst enabling brokers to manage regulatory change.

AFIA and its BNPL members have come together with a world first Code of Practice for the BNPL sector. AFIA will deliver some insights on how they have arrived at this important point for the fast-rising sector.

The draft Code is in direct response to ASIC’s review of the BNPL sector (ASIC Report 600) and an inquiry conducted by the Senate Economics Reference Committee, which recommended the development of a BNPL Code of Practice. AFIA aims to have the Code operating by 1 March 2021

What are the statistics pointing to and what more can be done to educate and empower consumers to take more responsibility when it comes to buy now pay later services? Will regulating ensure better consumer outcomes in this thriving sector?

Data is enabling financial institutions to make better lending decisions but where does responsibility lay with loan suitability for a consumer? – How do we arrive at frictionless and fair?

Chris will talk us through why raising standards of conduct and competence in the industry will lead to a responsible lending culture, enabling consumers to achieve better outcomes.

If responsible lending obligations are removed what other avenues are available for consumers to pursue who are seeking compensation. For example under the National Credit Code, a contract may be found to be unjust if, when the contract was entered into, the credit provider knew, or could have ascertained by reasonable enquiry at the time, that the debtor could not pay in accordance with its terms, or not without substantial hardship.

Patrick will provide some legal insights into these alternatives via AFCA and open discussion with panel.

Post the Royal Commission it was evident that further investment in financial literacy and now with the greater digitisation coupled with the effects of a global pandemic it is now more important than ever to educate and empower consumers who are not as savvy with technology. How do we fast track lending and ensure suitability at the same time?