Solvar Limited (ASX: SVR) today announced the conclusion of a significant ASIC matter, with the Federal Court of Australia handing down its decision regarding a pecuniary penalty for its subsidiary, Money3 Loans Pty Ltd. Solvar, a market-leading consumer and commercial finance company, boasts over two decades of experience in Australia and New Zealand, having funded more than $2 billion in vehicles and personal loans. The company dominates the used-vehicle finance market, leveraging technology to provide a seamless application process. The court’s ruling follows an announcement to the market on 8 September 2025, detailing limited contraventions of the National Consumer Credit Act.
The Federal Court ordered Money3 Loans Pty Ltd to pay a pecuniary penalty amounting to $1.55 million. This financial penalty relates specifically to limited contraventions of the National Consumer Credit Act concerning Money3’s lending practices during the period from 2019 to 2021. Mr Scott Baldwin, CEO and Managing Director of Solvar, acknowledged the outcome, stating that Solvar respects the Federal Court’s decision on the ASIC matter.
Mr Baldwin emphasised that Money3 has significantly invested in improving its operations since the period under scrutiny. This included substantial enhancements to its governance, complaints management, hardship provisions, and underwriting practices, which have collectively elevated the Group’s capabilities and established a more robust foundation for sustainable growth. He reiterated Money3’s ongoing commitment to its core mission: providing essential finance for underserviced consumers, enabling them to access used vehicles and thereby enhancing their participation in society. The announcement was officially approved for release by the Board of Directors of Solvar Limited.
