The corporate regulator has announced that it has cancelled the ACL and AFSL of a Melbourne-based financial services firm.
The Australian Securities and Investments Commission (ASIC) has announced the cancellation of financial services firm Financial Circle’s Australian credit licence (ACL) and Australian financial services licence (AFSL).
On 22 October 2018, the Federal Court found that Financial Circle breached numerous financial services laws and obligations, including engaging in unconscionable conduct and failing to act in its clients’ best interests.
The court ordered Financial Circle to be permanently restrained from carrying on a financial services business, providing credit or entering into a credit contract as a credit provider.
Financial Circle was ordered to pay civil penalties totalling $8.98 million and to pay ASIC’s court costs.
Financial Circle’s licence cancellations became effective on 19 November 2018.
[Related: ASIC bans former NAB branch manager]