Australian regulator ASIC said on Thursday that it had banned Brett Anthony Newbound from providing financial services for 10 years and cancelled the Australian financial services (AFS) licence and Australian credit licence (ACL) of Freedom Wealth Services Pty Ltd.
The order removes the firm’s permissions across both financial advice and credit activity. Newbound, listed as a financial adviser on Freedom Wealth Services’ licence, cannot re-enter the industry until 2036.
Freedom Wealth Services was described in a 2022 press release as a wealth planning and advisory firm covering financial advice, home loans and taxation. The company secured its ACL in January 2022 after lodging the application with ASIC in September 2021. That licence covered debt management and mortgage broking services.
The ASIC notice sets out the regulatory outcome but does not detail the underlying misconduct. It also does not say whether Newbound or Freedom Wealth Services will seek a review of the decision.
The firm received its credit licence in early 2022 and has now lost both its AFS licence and ACL.
