ASIC Victory in Four-Year Pursuit of High-Fee Lenders

The Australian Securities and Investments Commission (ASIC) chairman Greg Medcraft (left) addresses the media in Sydney, June 27, 2014. Medcraft was responding to the final Senate Economics Reference Committee's report into the performance of ASIC. AAP Image/ BRITTA CAMPION

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 (US$23 million) in loans from Cigno and BSF Solutions from July 2022 to June 2023.