Commerce Commission files civil proceedings against Harmoney over platform fees

Fri, 25 Aug 2017

By Paul McBeth Aug. 25 (BusinessDesk) - The Commerce Commission has filed civil proceedings against Harmoney Corp, claiming the peer-to-peer lender's platform fees are unreasonable. The antitrust regulator today filed papers in the High Court in Auckland accusing Harmoney of breaching the Credit Contracts and Consumer Finance Act 2003, which prohibits lenders from charging unreasonable credit fees. The commission claims the platform fee is a credit fee and is unreasonable, and wants a declaration to that effect, as well as compensatio...

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