Ann: ASIC Claim, page-2

If these breaches are serious I am sure they would be reflected in the bad debts and arrears values showing in the accounts for those years where the breaches are claimed to have occurred. When looking at the ASIC accusations collectively it indicates that the authority feels that there is no credit checking or digital assessment or credit scoring template in place or if it is it is not being used. In todays digital world and for a lending organisation which has been operating as long as this one the claim seems to be hard to believe. The reductions in arrears and losses over the years nominated tends to indicate the opposite. Staff training in my time was never external, always on the job and initially coached by sitting in on interviews with accomplished staff and working with them as the credit application passed through the system. There was no specifically designed training sessions for credit assessment and the results of credit checking largely influenced the decision to approve. As for assessing the skills of representatives - I guess they are not referring to staff but are looking at loan introductory sources. A lending organisation assesses skills of external people working in say car dealers or finance brokers by the standard of the credit applications they receive and the collaboration in obtaining enough factual information to assess it. It seems they are implying that SVR deals with unreputable dealers or brokers - again I would expect this to show up in the arrears and writeoffs and that does not seem to be the case. They have nominated just 5 deals - out of how many?