7 Tips to Save Electricity at Home

LED Bulb

It’s important, now more than ever, to save on electricity at home and reduce our power bills.  That’s why we’ve put together this handy guide on how to save electricity – from easy switches like turning standby off to introducing modern technology to your smart home. 1. Switch to LED bulbs One of the easiest […]

So You’ve Lost Your Job, Now What?

Losing a job is never easy and adjusting to your new arrangement can be complicated. But there are steps to get back on your feet after being fired or made redundant. No need to wonder what to do when you lose your job – we’ve got some ideas to help you out. Apply for government […]

A Beginner’s Guide to Applying for a Loan

dollar icon being lifted by balloon

Applying for a loan is something most of us will do in our lives, but the first time applying for a loan can feel daunting. What paperwork do you need for a loan? Are there requirements? Do you need someone else to co-sign a loan? These are all normal questions we all think of when […]

Trade | SA World Vietnamese | Cigno

SA World: Leveling Up Your Gaming Experience and Easing The Builders Into Gaming Creation Are you on the hunt for a gaming world where you can have a blast while reaping epic rewards? Or maybe you're seeking a platform that embraces both traditional and blockchain gaming communities. All you need is "SA World" — your […]

Trade | 91Club – A classy playground for you | Cigno

You want to know more accurate information about bookmaker 91Club but don't know where to turn? Don't worry, this article will provide you with information! See more: 91 club 91Club – A classy playground for you 91Club is an ideal destination for many gamers and why does it confirm this? Certainly, the game experience service for […]

Trade | Xem kết quả bóng đá trực tuyến tại Kèo Nhà Cái | Cigno

Xem kết quả bóng đá trực tuyến tại Kèo Nhà Cái là việc theo dõi trận đấu bóng đá trực tiếp thông qua các phương tiện truyền thông trực tuyến như trang web, ứng dụng di động, hoặc các dịch vụ truyền hình trực tuyến. Khi xem bóng đá trực tuyến, người xem có thể […]

How Much Does It Cost to Have a Baby?

Baby Budget - Cigno Loans

Bringing a new life into the world is a wonderful thing to do. But it isn’t cheap. For both expectant parents and couples planning to begin a family, we’ve outlined the essential costs associated with having a baby so you can build your own pregnancy budget. From medical expenses during the pregnancy to the costs […]

Handy Tips to Save Money on Groceries

Saving Money on Groceries - Cigno Loans

Apart from rent, groceries are likely the most regular expense on your budget. So, if you can save money on groceries – even just a little bit every time you visit the supermarket – those savings could really add up. Having a few dollars leftover after each trip to the grocery store could go a […]

Top 9 Cheap Weekend Ideas

Couple Roller Skating - Cigno Loans

Some weekends are good for catching up on chores and doing adult things. Other weekends are reserved for special functions (weddings, birthdays, baby showers, and so on). But, every now and then, you get treated to a free weekend – the perfect opportunity for some proper relaxation and fun with your partner, your family, your […]

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