Powered by MOMENTUM MEDIA
the adviser logo
Compliance

ASIC cancels licences of financial services firm

by Reporter7 minute read
cancelled stamp

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]

cancelled ta
magazine
Read the latest issue of The Adviser magazine!
The Adviser is the number one magazine for Australia's finance and mortgage brokers. The publications delivers news, analysis, business intelligence, sales and marketing strategies, research and key target reports to an audience of professional mortgage and finance brokers
Read more