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ASIC aims to put an end to Cigno as loan provider's legacy lives on

ASIC aims to put an end to Cigno as loan provider's legacy lives on


Published on 2024-12-04 22:30:59 - Bill Williamson, WOPRAI
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  • The Australian Securities and Investments Commission (ASIC) say it's "resolute about putting an end to the business models" of Cigno Australia, a company it has taken to court three times over various illegal lending models.

The article from Choice.com.au discusses ASIC's (Australian Securities and Investments Commission) actions against Cigno and its related entities, BSF Solutions and Lending Loop, for engaging in predatory lending practices. ASIC has imposed interim stop orders on these companies, preventing them from offering credit or operating as credit providers due to their non-compliance with the National Credit Act. Cigno, in particular, was known for charging exorbitant fees, often exceeding the loan amount, and targeting vulnerable consumers. Despite previous legal challenges, including a Supreme Court ruling that Cigno was not subject to the National Credit Act, ASIC's latest move aims to curb these exploitative practices. The article also mentions that Cigno has been involved in numerous complaints and legal actions, highlighting the ongoing issue of unregulated lending and the need for stronger consumer protections in Australia.

Read the Full Choice Article at:
[ https://www.choice.com.au/money/credit-cards-and-loans/personal-loans/articles/asic-action-on-cigno-legacy ]
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