vagueness is a term used to describe the 'principle based' nccp legislation.
even post hayne royal commission, even post updated rg209, responsible lending remains largely principle based ..so lenders are gifted with a healthy degree of autonomy to apply these principles according to their own risk appetite.
and after reading this afr piece, the probability of the regulators applying a prescriptive approach to responsible lending is close to zero...in short, in won't happen because it will turn the bnpl industry on its head, particularly for transactional bnpl players like apt ... so it simply won't happen...
instead, a new nccp model will need to be drafted to balance out consumers concerns...as I've said before, code of conduct won't cut it... so while the path may not be as clear, the final destination.of a light touch nccp regulatory regime is near inevitable.
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