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Date Time ASIC appeals Cigno and BHF Solutions Federal Court decision ASIC has appealed the Federal Court decision which dismissed its allegations that Cigno Pty Ltd (Cigno) and BHF Solutions Pty Ltd (BHF Solutions) contravened the National Consumer Credit Protection Act 2009 (National Credit Act). Cigno and BHF Solutions operate a lending model that provide small loans to large numbers of consumers and charge substantial fees on those loans. ASIC alleged that Cigno and BHF Solutions breached the National Credit Act by engaging in credit activity without holding a credit licence. On 23 June 2021, the Federal Court dismissed ASIC’s application. ‘We have appealed this decision because we are concerned its effect will be to limit the application of the credit legislation, potentially denying vulnerable consumers the protections afforded by the National Credit Act and National Credit Code,’ ASIC Commissioner Sean Hughes said.

Sean hughesSolutions pty ltdNational credit codeNational creditNational consumer credit protectionCigno pty ltdFederal courtPty ltdNational consumer credit protection actNational credit actFull federal courtசீன் ஹக்ஸ்தீர்வுகள் ப்டி லிமிடெட்தேசிய கடன் குறியீடுதேசிய கடன்தேசிய நுகர்வோர் கடன் ப்ரொடெக்ஶந்