While we appreciate that an intervention order should not have unintended consequences, we hold concerns about the proposed changes detailed in the Addendum to CP330 (Addendum). There is a risk that as drafted, both of the exceptions provided for BNPL and non-cash payment facilities (NCP Facilities) in the New Draft PIO could be gamed by unscrupulous lenders, resulting in similar harm that CP330 aims to stop. We accordingly recommend further changes to the amendments that provide the BNPL exception, and recommend removing the NCP Facilities exemption altogether, unless it can re-drafted to more concisely and specifically address the particular conduct ASIC is looking to exempt.
