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AAP
AAP
National
Miklos Bolza

ASIC victory in four-year pursuit of high-fee lenders

ASIC BSF the Federal Court Gold Gold Coast
A judge has backed ASIC in finding two firms had illegally issued $34 million in unlicensed loans. (Dean Lewins/AAP PHOTOS)

The financial watchdog has been handed a victory in a four-year legal battle against Gold Coast lenders that charged exorbitant fees for loans issued without a credit licence.

Just over 100,000 consumers borrowed $35 million in loans from Cigno and BSF Solutions from July 2022 to June 2023.

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