This guideline regulates non-cash payment facilities products and provides an appropriate regulatory framework for them. It establishes a flexible approach to administering the financial services licensing, conduct and disclosure obligations for NCP facilities, as outlined under the Corporations Act.
This guideline considers that the provision of NCP facilities is a developing area, and that the concept of an ‘NCP facility’ covers a broad spectrum of facilities. For that reason, it allows class order relief for instruments such as: low value NCO facilities, gift vouchers or prepaid mobile phone accounts, loyalty schemes, and electronic road toll devices. It gives provisions to maintain the integrity of financial transactions, and protect customers.