Harvey Norman and Latitude fined $55m for misleading credit ads
Federal Court imposed $35m penalty on Harvey Norman and $20m on Latitude Finance for misleading advertising of 60-month interest-free, no-deposit consumer finance.
One of ASIC's largest misleading conduct penalties targets a national ad campaign for point-of-sale consumer finance. The case reinforces regulator focus on clear disclosure in credit promotion and joint liability for retail-lender partnerships.
Sets precedent for high penalties on misleading credit advertising, affecting POS finance, BNPL, and consumer credit marketing controls.
Action Required
Review consumer credit marketing materials and disclosure controls; ensure retailer partnership arrangements meet ASIC advertising standards.
Landmark penalty size signals escalating enforcement posture on consumer credit conduct and advertising.
Reassess consumer credit advertising governance, including third-party retailer partnerships. Ensure disclosure of fees, deposits, and terms is prominent and non-misleading. Update conduct risk register.
“Federal Court imposed $35m penalty on Harvey Norman and $20m on Latitude Finance Australia for misleading conduct in a national ad campaign promoting 60-month interest-free, no-deposit finance.”