November 09, 2016 BY LeapRate Staff

Australia's Cash Converters pays $12 million in fines and refunds following ASIC investigation

Australia's financial regulator ASIC has announced that, following an ASIC investigation, payday lender Cash Converters will refund $10.8 million to consumers who received small amount loans under approximately 118,000 small amount credit contracts. Cash Converters has also paid a $1.35 million penalty following the issuing of infringement notices by ASIC. ASIC has agreed to accept…

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