5 Ways To Prevent Credit Card Fraud

As technology progresses, credit card fraud has become a real danger in an online-based society. Imagine one morning you wake up with charges you didn’t make on a maxed-out account. While there’s no guarantee you’ll never be a victim, here are five ways you can take to prevent credit card fraud and reduce your risk. […]

How Much to Spend on a Wedding Gift in 2021

Weddings are always a joyous and beautiful celebration, no matter how well you know the couple. However, even if your food and drinks are provided on the day, it can still be a costly event by the time you find an outfit, organise transport and most importantly, buy the wedding gift. If you’re not sure […]

6 Steps to Achieving Financial Freedom

Stepping on the path to financial freedom is not as quick as in Google Maps, where you can plan your route and account for any traffic on the way. Unless you’re a lottery winner, you have to exert time, hard work and sacrifice to be financially independent. Perhaps that doesn’t sound fun, but even lottery […]

Go Green & Save Money

Money growing plant

Want to become more environmentally friendly? Helping Mother Earth isn’t the only benefit of going green. Using fewer resources and less energy can be as good for your savings as it is for the environment, so there are plenty of great reasons to switch to sustainable living. These are just some of the ways you […]

Cash Advance Vs Payday Loans: What’s the Difference

Can’t decide whether to take out a cash advance or payday loan? Given how may financial options are now available, finding the right one for your circumstances can be a confusing process. Cash advance loans and payday loans both have different benefits and conditions. To help you make the right decision, learn more about each […]

How to Make Centrelink Income Work for You

One of the many benefits of living in Australia is our country’s welfare system, Centrelink. Although it provides a financial safety net when you’re underemployed or unemployed, living purely on Centrelink income can be tough, but not impossible with careful budgeting. If all else fails in the short term, we do offer loans for those […]

5 Ways to Prevent Credit Card Fraud

As technology progresses, credit card fraud has become a real danger in today’s online-based society. Imagine one morning waking up to charges you didn’t make and hefty overdraft fees. While there’s no guarantee you’ll never be a victim, here are 5 ways you can try and prevent credit card fraud. #1: Secure Your Computer Systems […]

The Best Shopping Apps to Save You Money in 2020

Piggy Bank

Now more than ever, it’s so important to save money where we can. To help you out, we’ve put together a list of the best shopping apps to save money in Australia around Christmas. Shopback Want to get paid each time you shop? Well, with Shopback you can. Shopback’s 5 million+ members accumulate cash each […]

Tips for Eating Out on a Budget

There’s no greater pleasure in life than getting together with friends and family for delicious food and drinks at your favourite restaurant. We’d all like to do this more often, but it can be costly. The good news is, there are ways we can keep dining out without breaking the bank. Check out these tips […]

Everything You Need to Know about Buy Now Pay Later

Buy Now Pay Later (BNPL) purchases are on the rise in Australia. The Inside Australian Online Shopping report by Australia Post reveals that 6.7% of online payments are now made via BNPL platforms (such as Afterpay, which recorded $2.3B of purchases in the latter half of 2018). While PayPal is still the dominant method of […]

NOTIFICATION OF MISCONDUCT BY CIGNO AUSTRALIA

Ordered by the Federal Court of Australia

The Federal Court of Australia has found that Cigno Australia Pty Ltd (Cigno Australia) and BSF Solutions Pty Ltd (BSF Solutions) have breached the law by engaging in unlicensed credit activity and charging prohibited fees.

In the period from July 2022 to 3 October 2023, over 100,000 consumers have been lent a total of $34 million, and charged fees of over $70 million, under the ‘No Upfront Charge Loan Model’ operated by BSF Solutions and Cigno Australia. At no time has either BSF Solutions or Cigno Australia held an Australian Credit Licence.

The Court also found that Mark Swanepoel (director of Cigno Australia) and Brenton James Harrison (director of BSF Solutions) were involved in these breaches of the law.

With effect from 24 May 2024, the Court has granted permanent injunctions preventing Cigno Australia and BSF Solutions from:

  • demanding, receiving or accepting fees or charges, including amounts of loan principal, from consumers in relation to credit provided under the ‘No Upfront Charge Model’; and
  • engaging in further credit activity pursuant to the ‘No Upfront Charge Loan Model’, including by entering into new agreements with consumers, for so long as they do not hold an Australian Credit Licence.

Cigno Australia was ordered by the Court to, by 5th July 2024, send written communications to consumers who between July 2022 and December 2022 entered into agreements with Cigno Australia and BSF Solutions under the ‘No Upfront Charge Loan Model’.

The Court will later determine whether (among other things) Cigno Australia and Mark Swanepoel ought to pay a pecuniary penalty in respect of this conduct, and whether Mark Swanepoel should be restrained from carrying on a business engaging in credit activity.

Cigno Australia, BSF Solutions, Mr Swanepoel and Mr Harrison intend to appeal the decision of the Court and have filed an application for leave to appeal. If the appeal is successful, some or all of the orders of the Federal Court of Australia may be set aside.

Where can you get more information?

Where to go for further support

You can access legal advice in your state at: Free legal advice – Moneysmart.gov.au.

If you are experiencing trouble with debt, or money worries in general, contact:

  • the National Debt Helpline on 1800 007 007 or online chat (9:30am to 4.30pm, Monday to Friday).

If you need someone to talk to, contact:

  • Lifeline on 13 11 14 (24 hours) or their crisis support online chat or
  • Beyond Blue on 1300 22 46 36 (24 hours) or their webchat