Gary Rohloff: LayBuy managing director welcomes regulation of the buy now, pay later sector

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 ABOVESee omnystudio.com/listener for privacy information.