The Australian Securities and Investments Commission (ASIC) has imposed a ten-year ban on financial planner Brett Anthony Newbound and cancelled the Australian financial services (AFS) licence and Australian credit licence (ACL) of Freedom Wealth Services Pty Ltd, where he was the sole director.
ASIC found that, in three instances, Mr Newbound relied on service agreements that included client signatures which the regulator determined had not been provided by the clients. ASIC also found that he created, or caused to be created, file notes that did not accurately reflect client interactions. According to ASIC, these documents were used to justify the charging of ongoing service fees.
Having regard to this conduct, ASIC concluded 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. As a result, ASIC ordered that he be banned from engaging in any credit or financial services activities for a period of ten years.
Mr Newbound's banning has been recorded on ASIC's banned and disqualified register with effect from 1 May 2025. On the same date, ASIC cancelled the AFS licence and ACL held by Freedom Wealth Services Pty Ltd. These regulatory actions remove both Mr Newbound and Freedom Wealth Services Pty Ltd from participating in the provision of licensed financial and credit services.
Appeal to the Administrative Review Tribunal
Mr Newbound and Freedom Wealth Services Pty Ltd have appealed ASIC's decisions to the Administrative Review Tribunal, seeking a review of the banning order and licence cancellations. In connection with that review, they applied for a stay of ASIC's decisions and for confidentiality orders.
ASIC opposed the applications for a stay and confidentiality orders. The Administrative Review Tribunal dismissed those applications on 16 June 2026. As a result, ASIC's banning order and the cancellations of the AFS and ACL licences remain in effect while the substantive review proceeds.
