Rogue lender Cigno and directors fined $7 million at Federal Court
Consumer advocates have welcomed the decision by the Federal Court to fine Cigno Australia and its director Mark Swanepoel, and BSF Solutions and its director Brenton Harrison a combined penalty of $7 million for engaging in credit activity without a licence and charging prohibited fees. “Congratulations to the Australian Securities and Investment Commission (ASIC) for taking bold regulatory […]
Credit reporting in focus
Credit reporting disputes and systemic issues have always been a core part of our credit and debt work at Financial Rights. In 2025 credit reporting was a major focus for our policy team as we tried to clearly articulate the consumer detriment we regularly hear about through our casework. Financial Rights has been leading the […]
Rogue lender Cigno and its Directors lose appeal to the Full Federal Court
Cigno Australia Pty Ltd and its directors’ appeal to the Full Federal Court has been dismissed today and costs awarded to the Australian Securities and Investment Commission (ASIC). Consumer Action Law Centre CEO Stephanie Tonkin said the decision was significant because the original trial judge had found not only Cigno Australia, but also its Australian directors, Mark Swanepoel […]
Stop the harms! Regulate wage advance products now say consumer advocates
Consumer advocates from across Australia are calling on the Albanese Government to urgently regulate the proliferation of ‘wage advance’ products that are making the cost-of-living crisis worse for thousands of people and sending them into dangerous debt spirals. The call comes as Buy Now Pay Later (BNPL) products are finally being regulated from 10 June […]
Consumer groups welcome BNPL Regulations but sound the alarm over last-minute fee increase
Leading consumer groups have sounded the alarm over a last-minute increase to certain fees under the Federal Government’s proposal to regulate Buy Now Pay Later (BNPL). The BNPL Draft Regulations 2025 will see the introduction of long-overdue consumer protections which will make the products safer. However, a last-minute change to the regulations allows certain BNPL […]
Consumer groups welcome passing of buy now, pay later regulations
Consumer groups have welcomed the passing of the Treasury Laws Amendment (Responsible Buy Now Pay Later and Other Measures) Bill 2024 (BNPL Bill) through the Senate last night and all of Parliament this morning. The BNPL Bill will bring buy now, pay later services within the national credit laws, so that most consumer protections that apply to other […]
Consumer groups welcome new laws regulating Buy Now, Pay Later as credit but some concerns remain
New laws regulating Buy Now, Pay Later (BNPL) have been announced today. Consumer groups respond as follows: Quotes attributable to Alexandra Kelly, Director of Casework of Financial Rights Legal Centre “Today is a great day for Australian consumers with the Government introducing legislation to at long last treat Buy Now, Pay Later as what it […]
Consumer groups welcome step towards treating Buy Now, Pay Later as credit
Regulation of Buy Now, Pay Later a step closer, but concerns remain over details Consumer groups respond to draft Buy Now, Pay Later legislation (BNPL) released today. Quotes attributable to Karen Cox, CEO of Financial Rights Legal Centre “ Today is a positive day for Australian consumers with the Government proposing draft legislation to treat […]
Financial Rights in the Media – Mortgage stress
What to do if you’re struggling to make your mortgage repayments as interest rates rise By ABC business reporter Stephanie Chalmers After 12 interest rate rises since last May, home owners who have a mortgage are facing a steep rise in repayments. Borrowers are feeling the pain to varying degrees — if there are two more […]
Financial Rights in the Media – BNPL
‘The only avenue left’: Buy now, pay later used for food, bills ByAnna Patty – June 9, 2023 As cost of living pressures bite with high inflation and rising interest rates this week, credit products were seen as “the only way to meet their needs”, the report found. Financial counsellor Peter Thompson, from the Financial Rights Legal […]