Goodring Company Limited was ordered to pay a penalty of $98,000 following admissions it breached ss 17 and 32(1)(c) of the CCCFA as its consumer credit contracts failed to provide adequate disclosure and the disclosure was not provided in a clear, concise way, or presented in a manner likely to bring the required information to the attention of a reasonable person. In addition, Goodring Company Limited admitted breaching ss 11(1)(a) and 11(1)(b) of the Financial Service Providers (Registration and Dispute Resolution) Act 2008 for having knowingly failed to be registered on the Financial Service Providers Register and for not being a member of an approved dispute resolution scheme.
PartiesGoodring Company Limited
Category
Consumer credit
Sub-category
Act/Section
Credit Contracts and Consumer Finance Act ss 17, 32(1)(c); Financial Services Providers (Registration and Dispute Resolution) Act ss 11(1), 11(1)(b)
