ASIC has cancelled the Australian financial services licence (AFSL) and the Australian credit licence (ACL) of Melbourne-based business, Financial Circle Pty Ltd.
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 be permanently restrained from carrying on a financial services business, providing credit or entering into a credit contract as a credit provider.
The Court also ordered Financial Circle to pay civil penalties totalling $8,980,000 (18-334MR) and to pay ASIC’s costs.
Financial Circle’s licence cancellations became effective on 19 November 2018.
ASIC’s MoneySmart website has information for consumers about financial advice, including how to complain about an adviser, and what to do if their adviser is banned.
