GE Money still has not got on top of the entrenched and controversial culture of a couple of its acquired businesses in the arena of consumer finance, in spite of owning them, investing in their expansion, changing management and relocating staff a couple of times in the decade.The Australian Securities and Investments Commission said yesterday that it had taken enforcement action over insurance sales and debt collection practices at GE Money.ASIC imposed restrictive conditions on the finance services licence of GE Money's insurance subsidiaries Hallmark General Insurance Co and Hallmark Life Insurance Co. ASIC said changes to the licence conditions were made after the Hallmark companies failed to comply with commitments made in an enforceable undertaking in 2006.GE Money has entered into a separate enforceable undertaking to address "concerns" about its debt collection practices.The Hallmark businesses were subsidiaries of Avco, a business bought by GE in the late 1990s. Avco in turn had bought the finance and insurance businesses of Household in the mid 1990s.The GE Money shops scattered around the middle and outer suburbs and the country towns of Australia have their origins in the retail network of Household.This trio of companies were often the subject of complaint by consumer lobbies and also under periodic review by state regulators at this time.GE Money chief executive Mike Cutter said the company had been working with ASIC since 2005 and had already made a number of changes to practices in both areas.Cutter said: "These are not issues of intent. They are about training, processes and control."In 2006 GE said that it was working with ASIC to make changes to its personal finance model, had undertaken an independent review and made changes that address some of ASIC's concerns.It may be that the business practices that GE bought from Avco are at the core of the business model.ASIC yesterday said it found that parts of the insurance advice and sales business of GE Money were poorly managed and not meeting the legal obligation that there be a reasonable basis for personal advice given to customers. ASIC said it was concerned that Hallmark staff were selling insurance to customers whose needs had not been identified or understood.Hallmark sales staff can now only give general as opposed to individual advice. Cutter said this would be a permanent change in the Hallmark business model and was appropriate for a business with a sales force operating out of a broad distribution network.ASIC said its action in relation to GE Money's debt collection practices was in response to consumer complaints about harassment from GE's debt collectors. Those practices included excessive or inappropriate contact with customers, contact at unreasonable hours and an inflexible approach to repayment arrangements.GE's consumer lending is covered by the Consumer Credit Code and as such it must have procedures in place for dealing with borrowers who suffer financial hardship.Cutter said: "When you are dealing with a customer who is struggling it can be difficult for staff to pick up on the cause. We want to