The new financial services minister, Stephen Jones, says the government will push ahead with plans to bring buy now, pay later (BNPL) operators under credit laws. BNPL operators are currently exempt from laws designed to protect borrowers who use products such as credit cards or personal loans, as the products they offer are not technically credit.
The minister also said the government would move to regulate cryptocurrency exchanges in the same way as other financial markets and continue a consultation process looking at regulating cryptocurrencies started by the previous treasurer.
In an interview with Guardian Australia, Mr Jones said reviewing the performance benchmarks used by the Australian Prudential Regulation Authority to measure the performance of superannuation funds would be “a matter of priority”.
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