Rugby star-turned financier fails in fight against regulator

Gold Coast dwelling rugby union star turned financial industry Mark Swanepoel and his company have failed in a High Court bid to overturn a ruling that they had breached lending laws.

Swanepoel, a director of Cigno Australia, and BSF Solutions director Brenton Harrison had been seeking special leave to appeal a Full Federal Court decision that upheld an earlier finding that Mr Swanepoel and Mr Harrison were involved in unlicensed credit activity and charging consumers prohibited fees.

However, the High Court has dismissed the application.

ASIC Deputy Chair Sarah Court said ASIC was pleased the High Court had decided not to hear the appeal against the decision that the Cigno Australia and BSF Solutions’ directors were involved in Credit Act breaches.

“Over 100,000 consumers, many of whom were vulnerable or in financial distress at the time, were impacted by the involvement of Cigno Australia and BSF Solutions’ directors in a model that denied consumers access to consumer protection laws,’’ Ms Court said.

“Harmful lending practices continue to be a priority for ASIC, and we will ensure that lenders who flout the law are held to account.

The matter will return to the court on April 7, 2026, for a hearing on the appropriate penalty.

ASIC started civil penalty proceedings against Cigno Australia, its director Mark Swanepoel and BSF Solutions and its director, Brenton Harrison in October 2023 for allegedly providing credit without an Australian Credit Licence.

On 24 May 2024, the Federal Court found Cigno Australia and BSF Solutions engaged in credit activity without a licence and charged consumers prohibited fees.

The Court also found that Mr Swanepoel and Mr Harrison were involved in the unlicensed activity and other Credit Act breaches.

On 11 June 2024, Cigno Australia, BSF Solutions, Mr Swanepoel and Mr Harrison filed an appeal against the Federal Court’s decision. The Full Federal Court unanimously dismissed the appeal in July this year.

In August 2025, Mr Swanepoel and Mr Harrison lodged an application for special leave to appeal to the High Court, which was then rejected.

ASIC has previously taken action against Cigno and BHF Solutions, which operated a “Continuing Credit Model” between October 2019 and March 2020.

In June 2022, the Full Federal Court found that the “Continuing Credit Model” was unlawful and that these parties had engaged in credit activities without holding an Australian Credit Licence.