The Australian Securities & Investments Commission (ASIC) reported that the High Court dismissed an application for special leave to appeal by Cigno Australia director Mark Swanepoel and BSF Solutions director Brenton Harrison, leaving in place the Full Federal Court’s decision that they were involved in contraventions relating to unlicensed credit activity and charging consumers prohibited fees under the firms’ “No Upfront Charge Loan Model”. The refusal of leave follows the Full Federal Court’s upholding of Justice Jackman’s earlier findings on the Credit Act breaches. The High Court also ordered the appellants to pay ASIC’s costs of the appeal, with ASIC noting that over 100,000 consumers were impacted, many of whom were vulnerable or in financial distress. The matter is scheduled to return before Justice Jackman on 7 April 2026 for a hearing on the appropriate penalty.
Australian Securities & Investments Commission 2025-11-06
Australian Securities & Investments Commission defeats High Court special leave bid by Cigno Australia and BSF Solutions directors over unlicensed credit model
The Australian Securities & Investments Commission (ASIC) announced the High Court dismissed an appeal by Cigno Australia director Mark Swanepoel and BSF Solutions director Brenton Harrison, affirming the Full Federal Court's decision on their unlicensed credit activity and charging prohibited fees. The High Court ordered the appellants to pay ASIC's costs, with over 100,000 consumers affected, many vulnerable. The case returns to Justice Jackman on 7 April 2026 for a penalty hearing.