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.
