2 June 2023 - ASIC issued interim stop order on Humm following buy now pay later review

ASIC made an interim stop order on 25 May 2023 preventing Humm BNPL Pty Ltd (Humm) from issuing its buy now pay later (BNPL) product because of deficiencies in its target market determination (TMD). The order was revoked by ASIC on 26 May 2023 following immediate corrective action by Humm to address the design and distribution obligation (DDO) deficiencies identified by ASIC.

The Humm stop order intervention and corrective action is an outcome of ASIC’s recently completed targeted review of BNPL compliance with their design and distribution obligations.

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