"Buy now, pay later" sector unveils consumer protection code in face of concerns from ASIC and parliamentary inquiry

The increasingly popular "buy now, pay later" sector is promising better safeguards for vulnerable customers at risk of getting in over their heads with excessive credit. 

In a code of practice being released today, new and disruptive credit providers including Afterpay, Zip Co, Latitude and Openpay will commit to safeguards such as capping late fees, screening the ability of customers to repay and to never initiate bankruptcy procedures. 

Australian Financial Industry Association chief executive Diane Tate speaks with ABC's Peter Ryan.