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35 million for 30 infringement notices from ASIC. 10000 cash loan fast has also agreed to refund eligible consumers 10. 8 million in fees through a remediation program overseen by an independent expert who will report to ASIC.

ASIC also flagged concerns that Cash Converters had not taken reasonable steps to verify consumers expenses in accordance with its responsible lending obligations. The regulator's deputy chairman Peter Kell said he is particularly worried about lending to welfare recipients. "ASIC is seeking to protect financially vulnerable consumers, many of whom are recipients of welfare payments, from falling victim to unsuitable payday loans," he said. "Payday lending is a high priority area for ASIC, and we will continue to pursue lenders who do not follow their responsible lending obligations.

" The independent expert will also review Cash Converters' business operations.

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