Banned mortgage broker loses appeal

by AB31 Jan 2017

The Federal Court of Australia has dismissed an appeal brought by former Victorian finance broker Meenakshi Devi Callychurn, against her banning from engaging in credit activities and the cancellation of the Australian credit licence of her company Unique Mortgage Services Pty Ltd (UMS).

ASIC banned Ms Callychurn in March 2015 from engaging in credit activities for five years and cancelled the Australian credit licence of UMS.

Ms Callychurn appealed ASIC's decisions to the Administrative Appeals Tribunal (AAT) and on 29 February 2016, the AAT varied ASIC's decision to ban Ms Callychurn from engaging in credit activities from five years to four years. The AAT upheld the cancellation of the Australian credit licence of UMS.

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