The corporate watchdog hopes to use powerful banning powers to obliviate a new legal way a Gold Coast payday lending operation is using to dispense expensive loans.
People have been lugged with repayments of 490 per cent of the original loan under the style of lending the Australian Securities and Investments Commission is targeting with its new product banning power.
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Liam Walsh writes on investigations and companies with The Australian Financial Review. He has won multiple media awards, worked in Japan and is now based in Brisbane. Email Liam at liam.walsh@afr.com.au
