Brief: Credit Corp Advises Of Customer Remediation, Gets Production Notice From ASIC

Credit

23/08/2022 24:26

Aug 23 (Reuters) - Credit Corp Group Ltd  CCP.AX :
    * REVIEW IDENTIFIED CUSTOMERS WERE CHARGED INTEREST IN
CIRCUMSTANCES WHERE CO INTENDED TO APPLY FORBEARANCE OF ZERO OR
REDUCED INTEREST RATE
    * INVESTIGATION WILL IDENTIFY & REMEDIATE ALL CUSTOMERS
AFFECTED
BY ANY FAILURE TO APPLY INTENDED INTEREST FORBEARANCE FROM 1
JULY 2015
    * INTERNAL INVESTIGATION WAS INITIATED TO DETERMINE EXTENT
OF
ISSUE AND PROPOSED REMEDIATION
    * INDICATIONS ARE THAT NO MORE THAN 1% OF CUSTOMERS
COMPRISING
AUSTRALIAN, NZ ACTIVE PDL PORTFOLIO OVER PERIOD WERE AFFECTED
    * TOTAL REFUNDS, INCLUDING INTEREST THEREON, ARE NOT
ANTICIPATED
TO EXCEED A$4 MILLION FROM INVESTIGATION
    * RECENTLY RECEIVED PRODUCTION NOTICE FROM ASIC INDICATING
CONCERN
OVER HISTORIC PRACTICE
    * INITIATED FURTHER PROCESS TO APPLY KEY ELEMENTS OF REVISED
POLICY TO ALL TEMPORARY ARRANGEMENTS IN PLACE FROM 1 JULY 2015
    * COOPERATING WITH ASIC'S INVESTIGATION, DOES NOT BELIEVE
HISTORIC
PRACTICE OF ACCEPTING TEMPORARY ARRANGEMENTS WAS CONTRARY TO LAW
    * CREDIT CORP RE-AFFIRMS ITS EARLIER GUIDANCE FOR FULL YEAR

Source text for Eikon:  ID:nASXCT180 
Further company coverage:  CCP.AX 

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