NCPA Comments On ASIC Action Against Nimble

Mar 24 2016

 Industry Assocation NCPA commented on the recent ASIC action against Nimble

In an article on 24 March 2016, ABC news reported on the recent ASIC action against small loans provider Nimble.  The article reported that "Payday lender Nimble Australia will refund $1.5 million to more than 7,000 customers after an ASIC investigation raised concerns it did not meet responsible lending obligations."

A statement by Nimble CEO Sami Malia explained that there were very few customers affected, accounting for only about "1.2 per cent of loans written during the period from 1 July 2013 to 22 July 2015" .  Malia went on to state that Nimble had fully co-oporated with ASIC during its investigation and has acted quickly to remedy the issues and refund fees as necessary.  Malia further stated that, "There have been no adverse findings against Nimble."

While Nimble is currently not a member, NCPA CEO, Phil Johns, was also quoted in the article to the affect that "any unscrupulous players would not last long. Any lender who is focused on sales and not compliance will not be in business in five years' time," he predicted.

In the article, Johns, was further reported to have stated that, "It is clear, under principles-based legislation, lenders must take the most conservative view of the law, not necessarily the rule of law."

The full ABC article "Nimble to refund customers $1.5m for irresponsible payday loans after ASIC action" can be read by clicking here.