Competition watchdog questions the status of Harmoney borrowers' feesTOM PULLAR-STRECKER/FAIRFAX NZ A ruling has been sought on Harmoney's fees. The fee model of peer-to-peer lending platform Harmoney is being queried by the country's competition watchdog. The Commerce Commission has filed civil proceedings at Auckland High Court, asking it to rule whether fees charged by Harmoney to borrowers fall under the auspices of the Credit Contract and Consumer Finance Act. "It offers benefits both to borrowers and lenders over traditional lending options." HARMONEY KEY FACTS- In business since 2014 following a law change that allowed licensed peer-to-peer lending.

Source: Stuff August 28, 2016 22:54 UTC