ASIC hits Melbourne adviser with 10-year ban

The former Freedom Wealth Services Pty Ltd adviser has also had his Australian financial services licence (AFSL) and Australian credit licence (ACL) cancelled.  

The once sole director of Freedom Wealth was found, in three instances, to have relied on service agreements that included client signatures that were determined to have not been provided with the client’s consent.  

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ASIC also found his file notes did not accurately reflect client interactions, all used 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,” the regulator said.  

The banning and licence cancellations both came into effect on 1 May 2025. 

Newbound has already appealed the ban to the Administrative Review Tribunal (ART), with no date set at the time of writing.  

Newbound and Freedom Wealth Services also sought a stay of ASIC’s decision and confidentiality orders through the ART however both applications were dismissed on 16 June 2026 following opposition from the regulator. 

“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,” the regulator stated.  

Other ASIC recent bannings include former Wealth Street director Abdullah Popal, who was permanently banned from providing financial services and engaging in credit activities after being convicted of fraud offences involving the unauthorised transfer of almost $90,000 from SMSF client accounts.  

The ban, which took effect on 2 June 2026, prevents Popal from providing financial services, controlling a financial services business, or performing any role within one. 

ASIC also recently permanently banned former Brite Advisors responsible manager Gerard Duffy after finding he failed to adequately manage conflicts of interest and lacked the honesty and integrity required to participate in the financial services industry. The ban followed concerns relating to his conduct at Brite Advisors, whose AFSL was cancelled in 2025.