• Federal Court rejected most of ASIC's claims against Money3 Loans
• Court found Money3's staff are adequately trained and competent
• Court found Money3's internal benchmarks for assessing suitability were appropriate

Solvar Limited (ASX: SVR), the leading provider of specialist finance, has announced that on Friday, 5 September, the Federal Court rejected most of the claims made by ASIC against Money3 Loans Pty Ltd (Money3), and found in favor of Money3 in very limited respects. The Chair of Solvar, Stuart Robertson, stated that it is reassuring that the Court found that Money3's staff are adequately trained and competent to engage in credit activities authorized by the company's credit license. Furthermore, the Court found that Money3's internal benchmarks for assessing the suitability of potential customers were appropriate and in compliance with responsible lending obligations. The court did find that, in respect of five consumer loans written between 2019 and 2021, Money3's credit analysts failed to make reasonable inquiries about, and take reasonable steps to verify the living expenses of those five consumers based on certain data in their bank statements. In relation to one loan, the court found that Money3 failed to make reasonable enquiries about whether their requirements included a request to finance the application fee and broker fee. The Managing Director and CEO of Solvar, Scott Baldwin, stated that the company is committed to ensuring the well-being of its customers and workforce, and is liaising with community and consumer groups to work toward best practice. Solvar continues to partner with community groups to deliver training and development opportunities to continue to develop the capability of staff in hardship and customer care teams to respond to and support customers in financial hardship and those experiencing challenging financial circumstances in their lives.