NCPA Fires Warning Shot to Industry After ASIC Action Against Nimble

Mar 23 2016

Warning Shot to Industry After Nimble Action

An article on Mar 23 2016 by Nathan Lynch, Regulatory Intelligence Thomson Reuters titled, "Nimble's A$1.5 million enforcement action fires warning shot to lenders" describes how NCPA as the national industry body for small and medium sized loans has urged its members to focus on compliance.

"The chief executive of the National Credit Providers' Association has fired a warning shot to his industry after payday lender Nimble Australia was forced to refund A$1.5 million to customers. The high-tech payday lender has signed an enforceable undertaking with ASIC that includes a commitment to appoint an independent external compliance consultant to review its compliance controls.

Phil Johns, chief executive of the NCPA, said it was critical for the reputation of the industry as a whole that all participants place regulation, compliance and treating customers fairly at the top of their corporate agenda.

"Any lender not focused on compliance first does not have a long term future in credit," Johns told Regulatory Intelligence in the wake of this morning's announcement."

To read the full article, see the attached pdf at the bottom of this page.