ASIC commences proceedings against Ferratum Australia for charging prohibited credit fees
ASIC has commenced civil penalty proceedings in the Federal Court against Ferratum Australia Pty Ltd (Ferratum) for charging prohibited fees and overcharging consumers who paid off loans early. ASIC alleges that between March 2019 and August 2021, Ferratum breached consumer credit protection laws in relation to small amount credit contracts by: charging borrowers prohibited fees …
