ASIC finds no breaches of law in Humm Group investigation
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The news: The Australian Securities and Investments Commission (ASIC) has decided not to enforce any actions following the conclusion of its investigation into Humm Group’s Cards AU and commercial businesses.
The context: This follows an ASIC investigation into the adequacy of Humm Card’s historical breach reporting processes and governance that took place between October 2021 and May 2023, as well as from July 2022 to November 2023.
These investigations focused on the company’s failure to appropriately determine reportable situations, alongside governance and documentation oversight associated with using AI in its credit decisioning.
The regulator also identified concerns regarding unfair contract terms entered in January 2021 within its Flexicommercial and Flexirent businesses.
ASIC subsequently concluded that there were no breaches of the law, however it may recommence its investigation if circumstances change.
The source: ASX
