Commission files proceedings against peer-to-peer lenderTOM PULLAR-STRECKER/FAIRFAX NZ Harmoney defended its fee, but changed the structure at the end of 2015. Peer-to-peer lender Harmoney's platform fees broke the law and borrowers should be compensated, the Commerce Commission has claimed as it filed civil proceedings against it at the High Court. The commission says the peer-to-peer lender breached the CCCFA, which prohibits lenders charging unreasonable credit fees. It said it had filed the proceedings to make sure that if the fee was determined to be a credit fee, that affected borrowers could be compensated. The commission said it could make no further comment while the case was before the court.

Source: Stuff August 25, 2017 05:26 UTC