A warm welcome for regulation of the buy now, pay later sector.

The Government has announced compulsory affordability checks for loans more than $600, to ensure the borrower doesn't end up in a debt trap.

Providers will also need to have hardship processes in place, especially as the Christmas season looms near.

LayBuy managing director Gary Rohloff told Mike Hosking as long as the regulation is appropriate for their utility of the product, it's spot on.

He says it ensures those bad actors are quickly weeded out and those companies that have been operating for a while embrace it.

LISTEN ABOVE

A warm welcome for regulation of the buy now, pay later sector.
The Government has announced compulsory affordability checks for loans more than $600, to ensure the borrower doesn't end up in a debt trap.
Providers will also need to have hardship processes in place, especially as the Christmas season looms near.
LayBuy managing director Gary Rohloff told Mike Hosking as long as the regulation is appropriate for their utility of the product, it's spot on.
He says it ensures those bad actors are quickly weeded out and those companies that have been operating for a while embrace it.
LISTEN ABOVE

Best of Business is the home of all things business at Newstalk ZB, from morning market updates right through to incisive interviews with New Zealand’s top business leaders and decision makers. 

Whether you’re a small business owner or interested in what’s going on in the Big End of Town, this podcast encompasses the sharpest voices and minds in the world of business.

Best of Business is the home of all things business at Newstalk ZB, from morning market updates right through to incisive interviews with New Zealand’s top business leaders and decision makers. Whether you’re a small business owner or interested in what’s going on in the Big End of Town, this podcast encompasses the sharpest voices and minds in the world of business.

Best of Business is the home of all things business at Newstalk ZB, from morning market updates right through to incisive interviews with New Zealand’s top business leaders and decision makers.