The High Court today dismissed an application for special leave to appeal by Cigno Australia director Mark Swanepoel and BSF Solutions director Brenton Harrison.
Mr Swanepoel and Mr Harrison sought special leave to appeal a decision of the Full Federal Court which upheld Justice Jackman's earlier finding that Mr Swanepoel and Mr Harrison were involved in contraventions by Cigno Australia and BSF Solutions concerning unlicensed credit activity and charging consumers prohibited fees (25-131MR).
ASIC Deputy Chair Sarah Court said, 'We are pleased the High Court has refused leave to appeal the decision that Cigno Australia and BSF Solutions' directors were involved in Credit Act breaches through its 'No Upfront Charge Loan Model'.
'Over 100,000 consumers, many of whom were vulnerable or in financial distress at the time, were impacted by the involvement of Cigno Australia and BSF Solutions' directors in a model that denied consumers access to consumer protection laws.
'Harmful lending practices continue to be a priority for ASIC, and we will ensure that lenders who flout the law are held to account', Ms Court said.
On 7 April 2026, the matter will come back before Justice Jackman for a hearing on the appropriate penalty.
The High Court ordered that the Appellants pay ASIC's costs for the appeal.
Background
On 3 October 2023, ASIC began civil penalty proceedings in the Federal Court against Cigno Australia, its director Mark Swanepoel and BSF Solutions and its director, Brenton Harrison for allegedly providing credit without an Australian Credit Licence (23-266MR).
On 24 May 2024, the Federal Court found Cigno Australia and BSF Solutions engaged in credit activity without a licence and charged consumers prohibited fees. The Court also found that Mr Swanepoel and Mr Harrison were involved in the unlicensed activity and other Credit Act breaches (24-111MR).
On 11 June 2024, Cigno Australia, BSF Solutions, Mr Swanepoel and Mr Harrison filed an appeal against the Federal Court's decision. The appeal hearing concluded on 14 November 2024 and on 10 July 2025, the Full Federal Court unanimously dismissed the appeal. In August 2025, Mr Swanepoel and Mr Harrison lodged an application for special leave to appeal to the High Court. The application was determined on the papers earlier this month.
ASIC has also previously taken action against Cigno Pty Ltd and BHF Solutions Pty Ltd, companies related to the above defendants, who operated a 'Continuing Credit Model' between October 2019 and March 2020.
In June 2022, the Full Federal Court found that the 'Continuing Credit Model' was unlawful and that these parties had engaged in credit activities without holding an Australian Credit Licence. In July 2023, on remittal, the Federal Court granted declarations and injunctions against Cigno and BHF (22-158MR).
