Cigno Australia and director Mark Swanepoel, BSF Solutions and director Brenton Harrison, to pay $7 million in penalties for Credit Act breaches
Why this matters
This regulatory update is focused on enforcement actions against Cigno Australia and BSF Solutions for engaging in unlicensed credit activities and charging prohibited fees, which are consumer protection and licensing issues impacting the consumer credit and broader financial services sectors.
AI-generated classification rationale, not a full analysis. Verify with the original ASIC source before acting. Full disclaimer.
What the ASIC said
Cigno Australia and director Mark Swanepoel, BSF Solutions and director Brenton Harrison, to pay $7 million in penalties for Credit Act breaches
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.