The Australian Securities & Investments Commission (ASIC) reported that the Full Federal Court has unanimously dismissed appeals by Latitude Finance Australia and Harvey Norman Holdings against findings of misleading conduct and false or misleading representations in a national campaign promoting a 60-month interest free, no deposit payment method for goods bought at Harvey Norman stores. The advertising ran thousands of times between January 2020 and August 2021 across newspapers, radio and television. The Court agreed with the trial judge that key conditions were material and had been inadequately disclosed, including that consumers needed to take out and use an eligible Latitude credit card (such as the Latitude GO Mastercard) and would pay monthly account service fees and, up to 15 March 2021, establishment fees; it also rejected arguments that consumers would discount the offer as “too good to be true”. The matter will be listed for a further hearing on a date to be set, where ASIC will seek pecuniary penalties, adverse publicity orders, an injunction and costs.
Australian Securities & Investments Commission 2025-09-04
Australian Securities & Investments Commission secures Full Federal Court dismissal of Latitude and Harvey Norman appeals over misleading interest-free advertising
The Australian Securities & Investments Commission (ASIC) announced that the Full Federal Court dismissed appeals by Latitude Finance Australia and Harvey Norman Holdings regarding misleading conduct in a campaign promoting a 60-month interest-free payment method. The Court upheld that key conditions, like the requirement to use a Latitude credit card and associated fees, were inadequately disclosed. ASIC will pursue penalties, adverse publicity orders, an injunction, and costs in a forthcoming hearing.