The Commission also seeks to reopen some of Ferratum’s loans on the grounds that they were induced by oppressive means and contained oppressive terms.

The Commission alleges that between mid-2015 and the present, Ferratum:

  • failed to make reasonable enquiries as to the borrower’s requirements and objectives
  • failed to exercise reasonable care in advertising loans
  • failed to assist borrowers to reach informed decisions as to whether or not to enter into loans.

The Commission also alleges that this conduct, together with interest rates in excess of 183%, were oppressive.

As the matter is now before the Court, the Commission will make no further comment at this time.


In 2016 the Commission conducted an industry wide investigation into a number of High Cost Short Term Lenders. The investigation focused upon compliance with the disclosure obligations and responsible lending principles imposed by the CCCFA. Ferratum was one of the lenders contacted during that investigation.

Yesterday the Commission launched a lender website review, which looked at the websites of 215 lenders to determine if they were likely to be complying with their responsibilities under the CCCFA.