Australian Financial Services Regulatory Update - July 2021 | Jones Day jdsupra.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from jdsupra.com Daily Mail and Mail on Sunday newspapers.
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.
Getting to know the corporate regulator in Australia - Corporate/Commercial Law mondaq.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from mondaq.com Daily Mail and Mail on Sunday newspapers.
Date Time
Debt management licensing regime has commenced
From 1 July 2021, providers of debt management services (including firms offering ‘debt negotiation’ or ‘credit repair’ services) are regulated under the National Consumer Credit Protection Act 2009 (National Credit Act).
This means providers of these services must:
hold a credit licence with an authorisation that covers those services (or act as a representative of such an authorised licensee); or
be operating in accordance with the transitional arrangements, specifically that by 30 June 2021 they:
applied to ASIC for a credit licence or variation that covers this activity (or have arrangements to act as a representative of a provider that has applied for a licence to cover this activity); and
Debt collection company convicted of engaging in unlicensed credit activities miragenews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from miragenews.com Daily Mail and Mail on Sunday newspapers.