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Following surveillance, ASIC has imposed conditions on the Australian credit licence of Green Light Auto Group Pty Ltd, which trades as Carboodle.
ASIC’s surveillance uncovered Carboodle’s systems and procedures were not sufficient to ensure it was complying with national consumer credit laws, including meeting its responsible lending obligations. In addition, it failed to obtain written consent to enter a property when repossessing leased motor vehicles.
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ASIC said that while the company has made changes to its processes and procedures, the licence conditions will require Carboodle to appoint an independent compliance consultant to review its overall compliance arrangements. Carboodle is required to provide a copy of the consultant’s report to ASIC, as well as addressing any deficiencies identified by its review.
ASIC deputy chairman Peter Kell said the national credit legislation provides important protections to consumers both when entering into consumer leases and when experiencing difficulty meeting scheduled payments.
“These are key areas of focus for ASIC, and we will take appropriate action where we identify concerns,” he said.
[Related: ASIC imposes licence conditions on national brokerage]
