Geez you're a hard man Tarvold, if you want t a clerk, I'd suggest you get your own, but this is standard for Hot Copper.
Have you read the Statement of Claim? If you do, you will see that ASIC has brought evidence of unsigned customer declarations, customers having statements attributed to them that they never made, and suchlike. It is up to Money 3 to provide counter evidence, they were not able to and they were prosecuted accordingly.
If you were familiar with the Credit Act you would see that it is highly prescriptive and there is no margin for error or change. ASIC has evidence that the Act was not complied with and if you read the Statement of Claim then determine that it is all fabricated or made up by ASIC then I imagine there is going to be some serious legal action going on lol.
I had forgotten that they used a staff survey at the time to use as a yardstick to enter into the household expense schedule they used to determine loan servicing LMAO. That is not in keeping with the Act. Chances are that those actions were not taken at the company level, rather by line managers who had budgets and quotas to maintain.
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This included using fixed amounts for general weekly living expenses, rent, and dependent children, derived from their own staff survey rather than individual circumstances'
'The proof that Money3's prosecution was based on a sample of 5 loans comes from ASIC's civil penalty proceedings against Money3 Loans Pty Ltd. According to the concise statement filed by ASIC, the regulator alleges that during the period from May 8, 2019, to February 18, 2021, Money3 entered into 5 credit contracts with 6 consumers for financing the purchase of second-hand vehicles7.These 5 credit contracts form the basis of ASIC's case against Money3 for alleged breaches of responsible lending obligations12.'
(20min delay)