ASIC cancels Financial Circle’s licence

The Australian Securities and Investments Commission (ASIC) has cancelled the Australian financial services licence (AFSL) and credit licence of Financial Circle.

The cancellation followed the Federal Court’s finding in October that the firm breached numerous financial service laws and obligations, including engaging in unconscionable conduct and failing to act in its clients’ best interests.

The Court also ordered the firm to pay civil penalties totalling $8,980,000 and to pay the corporate regulator’s fees.

The firm was also listed by the Australian Financial Complaints Authority as being in breach of its licence for failure to declare its membership to the body by the registration date, which was today.

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