ASIC is seeking to have Money3 prosecuted but it does not have prosecutorial powers of its own, it seeks civil penalties. It would not settle because then the matter would be brushed under the carpet, and ASIC wants the case to be publicised and for the penalties to act as a deterrent.
Money3 was writing loans to vulnerable people, against the spirit and intent of the Consumer Credit Act, and it wants to highlight the errors which were made, such as poor training, a failing in centralised operating procedures and a failure to enquire into potential borrowers' circumstances by using a broadbased standardised system instead of the former. ASIC knows that there is no chance of SVR committing another offence, it knows that they now have the right processes in place, but they are going to go them for past offences and publicise it to prevent others from doing the same.
SVR Price at posting:
$1.36 Sentiment: None Disclosure: Not Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)