ASIC won an appeal against Gold Coast lenders Cigno and BSF Solutions, who charged excessive fees without a credit licence.

The Australian Securities and Investments Commission (ASIC) won a legal case against Gold Coast lenders Cigno and BSF Solutions, who charged excessive fees without a credit licence. Over 100,000 consumers borrowed $35m in loans between July 2022 and June 2023, and were charged more than $70m in fees. ASIC initially failed in the Federal Court, but won an appeal and denied further appeals by the lenders.