Harvey Norman and Latitude Financial have been fined a combined A$55 million over an advertising campaign that promoted interest-free finance deals, after Australia's corporate regulator found the promotions misled consumers. The penalty highlights growing scrutiny of "buy now, pay later" and interest-free retail finance schemes, which are popular with shoppers but have drawn criticism for hidden fees and charges that undercut their advertised interest-free status.

The action was brought by the Australian Securities and Investments Commission (ASIC), which took issue with how the interest-free offers were marketed to customers. Harvey Norman, one of Australia's largest retail chains, partnered with consumer lender Latitude Financial to offer the finance products in question, and the pair now face a substantial financial penalty as a result of the findings.