"Make It Mine failed to disclose important information to its customers, breached various responsible lending obligations and operated for a period whilst unlicensed"
I'm not so sure Thorn have had a breach that's even remotely close to this, but I can't be sure as all the detail is not yet disclosed. So far however, we know that they (using recent report):
- Failed to adjust credit assessment for HPI appropriately ($3.1m)
- Received pre-payments for short timeframes that they are paying back ($8.2m + $0.3m in interest)
- Retained credit balances on some accounts that were closed (~$1m, mostly refunded)
I would suggest the first is a breach of the law, so DHS are likely to initiate a review on TGA's use of CentrePay.
TGA Price at posting:
$1.29 Sentiment: None Disclosure: Held