ASIC successfully defends special leave application to the High Court by Cigno Australia director Mark Swanepoel and BSF Solutions director Brenton Harrison
Why this matters
This regulatory update is relevant to consumer credit providers, particularly fintechs, as it involves a case against Cigno Australia and BSF Solutions for operating without a credit license and charging prohibited fees. The High Court's dismissal of the appeal upholds the earlier findings, indicating the importance of compliance with consumer credit regulations. This is a high priority issue for ASIC as they aim to address harmful lending practices.
AI-generated classification rationale, not a full analysis. Verify with the original ASIC source before acting. Full disclaimer.
What the ASIC said
ASIC successfully defends special leave application to the High Court by Cigno Australia director Mark Swanepoel and BSF Solutions director Brenton Harrison
Published by ASIC . Read the full notice at the source for the authoritative text.
Context
Australian Securities and Investments Commission (ASIC) — Australia's financial services regulator. We track 319 updates from them.
Australian financial services are regulated by ASIC and APRA. Browse all Australia updates.
This update is classified under Consumer Protection / Conduct, Authorisation & Licensing, Consumer Credit and Banking & Credit.