Banned broker to appeal court decision

by AB05 Sep 2017
On 1 September 2017, the Full Federal Court upheld an appeal by former Victorian finance broker Meenakshi Devi Callychurn and her company Unique Mortgage Services (UMS), against the decision of a single Judge of the Federal Court upholding Callychurn's banning from engaging in credit activities and the cancellation of UMS' Australian credit licence. The Court has remitted the matter to the Administrative Appeals Tribunal to be re-heard.

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

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

On 27 January 2017, the Federal Court dismissed Callychurn and UMS' appeal against the AAT decision.

The banning of Callychurn and the cancellation of UMS' credit licence remain in place.