ASIC Brett Newbound ban bars the financial planner from all credit and financial services activities for 10 years and cancels the licences of Freedom Wealth Services Pty Ltd.
The regulator said Brett Anthony Newbound used service agreements with client signatures that the clients had not provided in three cases. ASIC also said he created, or caused others to create, file notes that did not accurately reflect client interactions. It said he used those records to support ongoing service fees.
As a result, ASIC found that Newbound did not meet the statutory test to be a fit and proper person to operate in the credit and financial services industries. The regulator also cancelled the Australian financial services licence and Australian credit licence of Freedom Wealth Services Pty Ltd.
ASIC Brett Newbound Ban Takes Effect
Both the ban and the licence cancellations took effect on 1 May 2025. Meanwhile, ASIC recorded the ban on its banned and disqualified register.
Newbound is the sole director and responsible manager of Freedom Wealth Services. He was also an authorised representative of the firm until 17 June 2026.
Before that, Newbound was an authorised representative of AMP Financial Planning from August 2011 to February 2021. Over the same period, he was the sole director of corporate authorised representative Logic Financial Services.
Appeal Against ASIC Decision Continues
The ASIC Brett Newbound ban is now under appeal. Newbound and Freedom Wealth Services have applied to the Administrative Review Tribunal.
However, no hearing date has been set. Their request for a stay of ASIC’s decision and for confidentiality orders was opposed by ASIC and dismissed by the Tribunal on 16 June 2026.
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