Regulatory Alerts2026-05-15
ASIC appeals $7 million penalty in Cigno Australia and BSF Solutions case
ASIC has appealed a Federal Court decision imposing a combined $7 million civil penalty on Cigno Australia, BSF Solutions, and their respective directors for engaging in unlicensed credit activity and charging prohibited fees. The regulator argues the original penalty provides insufficient deterrence given that over $90 million in unlawful fees were charged without consumer remediation. The appeal also seeks Full Federal Court clarification on whether mitigating legal advice must be tendered and whether penalty calculations should reference profit or gross revenue.
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