Afterpay Touch Group (ASX:APT) have released a statement regarding the report today by the Australian Securities and Investments Commission into the buynow, pay-later industry.
After a 10 month review, ASIC has recommended extending its product intervention powers to regulate the industry.
Afterpay say they don’t want people to be paying late fees and we don’t want people to be committing to more than they can repay.
They say independent research has shown that 93 per cent of Afterpay orders incur no late fees and over 75 per cent of customers have never incurred a late fee.
Afterpay does not charge any other customer fees whatsoever and it is a free service for customers who pay on time.
They say they have worked with with ASIC and consumer groups to enhance our financial hardship processes.
Shares in Afterpay Touch Group Limited (ASX:APT) are up 9.02 per cent to $14.14