High Court backs Commerce Commission over definition of Harmoney platform fees

Fri, 18 May 2018

By Paul McBeth May 18 (BusinessDesk) - The High Court has sided with the Commerce Commission on how to interpret peer-to-peer lender Harmoney's platform fees, deeming them to be credit fees and falling under the regulator's purview. The commission, which oversees the Credit Contracts and Consumer Finance Act 2003, claimed Harmoney's platform fees were an unreasonable credit fee and sought a declaration from the court backing up its interpretation. Justice Patricia Courtney today backed the commission's interpretation, saying Harmoney'...

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