26-128MR ASIC bans Brett Anthony Newbound from providing financial services for 10 years and cancels licenses of Freedom Wealth Services Pty Ltd | ASIC
This enforcement action concerns financial planning and credit services conduct violations, but does not involve payment services regulation or a payments institution.
While the action involves financial services licensing, there is no evidence of payment service provision, e-money issuance, or payments-specific regulatory breaches.
Specialism
While ASIC cancelled the AFS and ACL licences of Freedom Wealth Services, the enforcement action targets a financial planner and general financial services firm rather than a payment service provider, and the breaches involve fee misrepresentation and documentation fraud rather than payment-specific regulatory violations.
The conduct involved misrepresentation and fee collection without proper authorization, which relates broadly to customer protection principles, but the case is primarily about financial advisory services rather than payment services compliance.
2026-06-19 11:01:55·kgurnani@vixio.com
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TITLE: Australian Securities and Investments Commission Bans Financial Planner and Cancels Licenses of Freedom Wealth Services
BODY:
On June 16, 2026, the Australian Securities and Investments Commission (ASIC) banned Brett Anthony Newbound, a financial planner and sole director of Freedom Wealth Services Pty Ltd, from engaging in any credit or financial services activities for ten years. ASIC simultaneously cancelled the Australian financial services (AFS) licence and Australian credit licence (ACL) of Freedom Wealth Services Pty Ltd, effective from May 1, 2025.
ASIC determined that Newbound engaged in conduct that breached the statutory requirements to be considered a fit and proper person to participate in the credit and financial services industries. Specifically, ASIC found that in three instances, Newbound relied on service agreements containing client signatures that ASIC determined had not been provided by the clients. Newbound also created, or caused to be created, file notes that ASIC found did not accurately reflect client interactions, in order to justify charging ongoing service fees. This conduct demonstrated a pattern of misrepresentation designed to support fee collection without proper client authorisation or documentation.
Newbound's banning has been recorded on ASIC's banned and disqualified register effective from May 1, 2025. Both Newbound and Freedom Wealth Services Pty Ltd have appealed ASIC's decision to the Administrative Review Tribunal (ART). The pair also sought a stay and confidentiality orders from the ART, which the tribunal dismissed on June 16, 2026. A hearing date for the substantive appeal has not yet been scheduled. ASIC stated that its actions reflect its commitment to protecting consumers who engage financial service advisers and to enforcing standards required of those operating in the financial services industry.
26-128MR ASIC bans Brett Anthony Newbound from providing financial services for 10 years and cancels licenses of Freedom Wealth Services Pty Ltd | ASIC Newsroom Print Share Twitter Facebook LinkedIn Email ASIC has made an order banning Brett Anthony Newbound and cancelling the Australian financial services (AFS) licence and Australian credit licence (ACL) of Freedom Wealth Services Pty Ltd. Mr Newbound, a financial planner and the sole director of Freedom Wealth Services Pty Ltd, has been banned from engaging in any credit or financial services activities for ten years. ASIC found that, in three instances, Mr Newbound relied on service agreements that included client signatures that ASIC determined had not been provided by the clients and created, or caused to be created, file notes that ASIC found did not accurately reflect client interactions, in order to justify charging ongoing service fees. ASIC determined, having regard to this conduct, that Mr Newbound did not meet the statutory requirements to be a fit and proper person to participate in the credit and financial services industries. Mr Newbound’s banning has been recorded on ASIC’s banned and disqualified register with effect from 1 May 2025. ASIC has also cancelled the AFS licence and ACL of Freedom Wealth Services Pty Ltd. The licence cancellations were effective from 1 May 2025. Mr Newbound and Freedom Wealth Services Pty Ltd have appealed to the Administrative Review Tribunal for a review of ASIC’s decision. At the time of this media release a hearing date has not been set. Mr Newbound and Freedom Wealth Services Pty Ltd had also made an application for a stay and confidentiality orders in the Administrative Review Tribunal. ASIC opposed those applications, and they were dismissed by the Tribunal on 16 June 2026. ASIC's actions against Mr Newbound and Freedom Wealth Services Pty Ltd reflects its commitment to protecting consumers who engage financial service advisers and to taking action where it considers that conduct does not meet the standards required of those operating in the financial services industry. Background Mr Newbound is currently the sole director and responsible manager of Freedom Wealth Services Pty Ltd. He was an authorised representative of Freedom Wealth Services Pty Ltd until 17 June 2026, and a credit representative and the key person on its AFS licence and ACL until 1 May 2025. Mr Newbound was an authorised representative of AMP Financial Planning Pty Ltd from 16 August 2011 to 22 February 2021, which holds an AFS licence. Mr Newbound was also the sole director and financial planner of Logic Financial Services Pty Ltd that was a corporate authorised representative of AMP Financial Planning Pty Ltd from 16 August 2011 to 22 February 2021.