Home
Apply now
Sign Up

BNPL Code of Practice

AFIA Logo

Zip Co is a code-compliant member of the Australian Finance Industry Association Limited (‘AFIA’) and is a founding member of the Buy Now Pay Later Code of Practice (‘BNPL Code’). The BNPL Code is applicable from 1 March 2021 and can be reviewed on the AFIA website.

The Code was developed to take a proactive approach to strengthen customer protections and go beyond the regulatory obligations for buy now pay later products. The Code has been developed by AFIA in consultation with consumer groups, government, regulators and companies in the BNPL industry.

The Code sets high standards for the BNPL industry and has been developed to:

  • Ensure we develop products and services that are suitable for our customers;
  • Promote high standards of service for customers;
  • Support compliance with legal and industry obligations.

Key Commitments

Under the Code, we have made nine key commitments to our customers. We will:

  1. Focus on customers;
  2. Be fair, honest and ethical in all our dealings;
  3. Keep customers informed about our product or service;
  4. Make sure our BNPL product or service is suitable for the individual;
  5. Undertake an ongoing review of the suitability of our products or services;
  6. Deal fairly with complaints;
  7. Offer financial hardship assistance;
  8. Comply with our legal and industry obligations;
  9. Support and promote the Code of Practice.

Code Compliance Committee

As an AFIA member, we are subject to the Code Compliance Committee’s oversight (‘CCC’) which is the independent committee established by AFIA to monitor and investigate compliance with the BNPL Code. Our commitment to you under the Code is enforceable through the Australian Financial Complaints Authority (‘AFCA’). If you have a dispute with us that involves a breach of the BNPL Code, you should contact Zip in the first instance to resolve. AFCA will not deal with any issue unless you have tried to resolve the problem with us first. You can also raise your concerns with the CCC. Please note, the CCC will not consider your complaint if you are still resolving the issue with us or with AFCA.

Additional Information

For further information surrounding the BNPL Code and our Complaints and Hardship approaches, please click the links below.