I can't agree with the first part - I can only guess they had not formed a defence, but saying they would defend themselves IMO is different to saying they had done nothing wrong IMO
ASICs allegations are that they lent money to people who had no capacity to repay, that Money3 had no process of individual assessment, that they had no training processes in place and that the expenses they used to assess borrowers whose sole source of income was Centrelink were drawn from a prescribed list of standardised expenses substantially lower than their reasonable expenses.
I don't see how they could defend those charges, but they can defend themselves by stating that they now have strong processes in place and they have moved out of that place in the market.
SVR Price at posting:
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