ob体育 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鈥� 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 ob体育鈥檚 costs.
Financial Circle鈥檚 licence cancellations became effective on 19 November 2018.
ob体育's MoneySmart website has information for consumers about financial advice, including how to complain about an adviser, and what to do if their .
Background
ob体育 issued Financial Circle with AFSL No. 302222 on 9 August 2006, authorising it to carry on a financial services business, and ACL No. 302222 on 4 January 2011, authorising it to engage in credit activities other than as a credit provider.
As Financial Circle has ceased to carry on its financial services and credit business, ob体育 cancelled its AFSL under s聽915B(3)(a) of the Corporations Act 2001 (Cth) and its ACL under s聽54 of the National Consumer Credit Protection Act 2009 (Cth).