Cash Converters provisions for compliance breach
Cash Converters has made a provision of more than A$12 million to deal with compliance issues in its credit assessment process. The company made a statement to the Australian Securities Exchange on Friday, saying it had been co-operating with an investigation by the Australian Securities and Investments Commission into its compliance with responsible lending rules that apply to small amount credit contracts. The company said it was still in discussions with ASIC over the resolution of the matter.