The Australian Securities and Investments Commission (ASIC) has taken action against Ausfinancial Pty Ltd, trading as Swoosh Finance.
Swoosh allegedly breached its responsible lending obligations when providing credit contracts to 11 consumers, according to civil penalty proceedings filed by ASIC in the Federal Court.
ASIC also alleges that Swoosh breached its design and distribution obligations by failing to review its target market determinations and continuing to provide credit contracts to consumers, despite increasing complaints received directly from customers or via the Australian Financial Complaints Authority.
ASIC alleges between October 2019 and October 2024, Swoosh entered loans with 11 consumers in circumstances where it:
failed to assess the…
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