ASIC cancels licenses of Freedom Wealth Services

The Australian Securities and Investments Commission (ASIC) has banned Brett Anthony Newbound and cancelled the Australian financial services and credit licenses of Freedom Wealth Services Pty Ltd. Newbound, the firm's sole director and a financial planner, is prohibited from engaging in any credit or financial services activities for ten years.

ASIC found that Newbound relied on service agreements containing client signatures it determined were not provided by the clients. The regulator also stated he created, or caused to be created, file notes that did not accurately reflect client interactions to justify charging ongoing service fees.

ASIC concluded this conduct demonstrated Newbound did not meet the statutory requirements to be a fit and proper person for the financial services and credit industries. His ban was recorded on ASIC's register effective 1 May 2025. The company's license cancellations also took effect from that date.

Newbound and Freedom Wealth Services have appealed the decision to the Administrative Review Tribunal. They also applied for a stay and confidentiality orders, but ASIC opposed these applications and the Tribunal dismissed them on 16 June 2026.

Newbound remains the sole director and responsible manager of Freedom Wealth Services. He was an authorised representative of the company until 17 June 2026 and was the key person on its licenses until 1 May 2025. Prior to this, he was an authorised representative of AMP Financial Planning Pty Ltd from August 2011 to February 2021. He was also the sole director and planner of Logic Financial Services Pty Ltd, a corporate authorised representative of AMP during the same period.