Regulatory Alerts2025-11-06
ASIC Successfully Defends High Court Special Leave Application Against Cigno Australia and BSF Solutions Directors
The Australian Securities and Investments Commission announced that the High Court dismissed a special leave application by Cigno Australia and BSF Solutions directors, upholding Federal Court findings of Credit Act breaches involving unlicensed lending and prohibited fees. The rejected appeal targeted the companies' "No Upfront Charge Loan Model," which ASIC stated denied over 100,000 consumers, many in financial distress, access to consumer protection laws. The directors must now attend a penalty hearing on 7 April 2026 and have been ordered to pay ASIC's legal costs for the appeal.
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