ASIC beats payday lender Cigno in ban test instance

??‹??‹The corporate regulator has emerged victorious in a appropriate challenge to its very very very first item intervention purchase, following the Federal Court ruled against a Gold Coast payday lending operation.

In September, the Australian Securities and Investments Commission had utilized the abilities, which give it time to ban economic and credit items that could cause significant customer detriment, to prohibit a specific type of payday financing.

The court ruled against a quarrel from a business into the financing endeavor that ASIC have been interpreting its brand new capabilities too broadly.Read More