ASX:LFS

3 stories mentioning ASX:LFSUpdated 12d ago

Every FINWIRES story that references ASX:LFS, newest first.

Federal Court Fines Harvey Norman, Latitude Financial Over Misleading Conduct

Harvey Norman Holdings (ASX:HVN) was ordered by the Federal Court of Australia to pay a AU$35 million penalty, while Latitude Group Holdings (ASX:LFS) unit Lattitude Financial Services has been penalized AU$20 million in an Australian Securities and Investments Commission (ASIC)-initiated proceeding over misleading conduct, according to a Tuesday filing with the Australian bourse.The companies were also ordered to cover ASIC's legal costs, while Harvey Norman was required to publish an adverse publicity notice on its website, per the filing.Harvey Norman had already recognized AU$16.2 million in provisions and expects to record an additional expense for the remaining amount in the fiscal year ending June 30, the filing said.Harvey Norman said it did not intend to engage in unlawful conduct, apologized to the court and its customers, and reaffirmed its commitment to compliance, according to a separate filing.

ASX:HVNASX:LFS

Asia27d ago

Australia's Consumer Data Right Initiative Expands to Include Non-Bank Lenders

Non-bank lenders in Australia are now part of the country's Consumer Data Right framework and must start sharing product data such as interest rates, fees, and eligibility criteria through the government initiative, the Australian Competition and Consumer Commission (ACCC) said Monday.The Consumer Data Right scheme has expanded in stages across the banking and energy sectors since its inception in 2020, allowing consumers to securely share their data with accredited businesses. It now has more than 1.3 million Australian users, an increase of about 135% over the last year.At least 35 new businesses will enter the Consumer Data Right initiative as a part of the latest expansion, with consumer data sharing for non-bank lenders due to be phased in starting from Nov. 9, the ACCC said.The opt-in service aims to make it easier for consumers and small businesses to compare products and services, obtain better value, and manage their finances and cashflows.Shares of non-bank lender Resimac Group (ASX:RMC) gained over 1% in recent Monday trade, while consumer finance firm Latitude Group Holdings (ASX:LFS) was flat.

ASX:LFSASX:RMC

Asia116d ago

Latitude Group's Credit Card Entity Enters Enforceable Undertaking With ACMA, Pays Nearly AU$4 Million Fine for Spam Act Breaches

Latitude Group Holdings (ASX:LFS) acknowledged the Australian Communication and Media Authority's (ACMA) findings, saying that its credit card entity entered into an enforceable undertaking with the regulator and paid a nearly AU$4 million fine for breaching the Spam Act, according to a Wednesday Australian bourse filing.ACMA found that between March 2024 and April 2025, Latitude sent more than 2.3 million marketing messages without accurate contact information, and 344,416 messages also lacked a working unsubscribe function, per a separate statement from the regulator on Wednesday.The latest breaches were identified through the company's mandatory compliance reporting under a court‑enforceable undertaking that it entered into following a previous investigation, ACMA added.Latitude boosted its spam compliance processes after becoming aware of the potentially noncompliant text messages. It will engage an independent expert to confirm that its strengthened processes are working in compliance with regulations.

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