ASIC loses appeal in Westpac's Responsible Lending Case. So to Christos, a friendly reminder that the law is created by the politicians, ASIC simply enforces.
In this particular case, ASICs interpretation of NCA legislation (many will argue this principle based legislation is poorly framed) was incorrect with regards to determining Living Expenses.
This result bodes well for BNPL providers.
ASIC’s lashes out on BPNL code of conduct, page-107
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