For years, regulators and consumer advocates have raised concerns about the way major Australian retailers promote “interest-free” finance, now Harvey Norman is facing a multi million dollar hit to the bottom line and millions in legal fees.

After a lengthy investigation and a failed appeal, the Australian Securities & Investments Commission (ASIC) believes it finally has the leverage needed to impose massive fines on Harvey Norman and Latitude Finance who have relationships with multiple retailers in Australia who use their services for interest free marketing and sales offers.

ASIC is seeking A$85 million in penalties, arguing that the companies’ national “60-month interest-free, no-deposit” advertising campaign misled thousands of shoppers.

The watchdog’s case—already upheld once by

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