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19/07/20
09:53
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Originally posted by AaronM80:
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the wbc case has everything to do with bnpl. it's important to understand the government WILL NOT legislate prescriptive resp lending rules for bnpl and still maintain principle based rules for traditional lenders. government has ZERO appetite to design prescriptive nccp legislation. it will remain 'principles based' for traditional lenders. so, cpl of bnpl scenarios scenario 1, government legislates prescriptive nccp rules imposed on bnpl. probability, NIL. impact, SEVERE scenario 2, government legislates and extends existing principle based nccp to bnpl. probability, NIL. impact, minor (greater impact on transactional bnpl providers like apt) scenario 3, government legislates and designs new 'fit for purpose' principle based legislation to bnp. probability, likely. impact, minor so scenario 3..it's just a matter of time... on competition, as I said previous post, the pie is growing, plenty of room for more players...big will swallow the small.
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We will have to agree to disagree but I am as certain as can be within three months your scenario 2 will come to pass and scenario 1 will follow within a year. Eisen is terrified of legislation as he keeps submitting they are not a credit provider....his latest doozy is they are not a payment platform