The Australian Financial Industry Association and a group of buy now pay later providers are aiming to develop and launch a Code of Practice in 2020. The process will launch with a six week public consultation from mid-January. "The BNPL Code will be subject to a thorough public consultation process in early 2020, aiming for implementation by 1 July 2020," said AFIA's newly appointed CEO Diane Tate. "This is a world-first industry code of practice, that will have an influence on global standard so we have a tremendous opportunity, and responsibility, to get this right, AFIA, has a broad membership base that includes BNPL industry leaders Afterpay, Brighte, Flexigroup, Latitude, OpenPay, Payright and Zip Co amongst its more than 100 members. This move was a response to recommendations from the Senate Economics Reference Committee titled "Credit and financial services targeted at Australians at risk of financial hardship", and also from an ASIC report. The process is at a preliminary stage although, in announcing its plans to Banking Day, AFIA said the major requirements of the code will be: •    assess customers to ensure the product will be suitable to them; •    provide additional controls for customers identified as potentially more vulnerable through this assessment process; •    give customers access to internal complaints handling, so complaints are resolved quickly and fairly, and, if they cannot be resolved, can be taken to AFCA; •    provide hardship assistance to customers that experience financial difficulties; •    disclose a summary of key product features to improve customers' understanding of the product and its terms and conditions; and •    ensure vendors and merchants act consistently within BNPL provider guidelines. AFIA conceded, nevertheless, that these are subject to review, as is its preferred start date of 1 July 2020. Clearly there is plenty riding on the time taken to complete the industry's consultation process and on the outcome of ASIC's latest BNPL review.