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ASIC bans unlicensed individual for misleading super fund members
Queensland-based mortgage broker Christine Betty Childs has been banned by ASIC for carrying on an unlicensed financial services business and making misleading claims around property investing to superannuation fund members.
Childs, former director of Think Money and Think Money Wealth Through Property, received an eight-year ban for carrying on an unlicensed financial services business in recommending clients to buy property through their superannuation, including that they rollover their existing superannuation into self-managed superannuation funds.
It is alleged she misled clients who reasonably assumed that she was appropriately licensed to give them such advice.
In addition to the unlicensed conduct, ASIC found that Childs was involved in Think Money’s failure to give effect to an Australian Financial Complaints Authority (AFCA) determination to pay compensation to one of Think Money’s clients.
She played a “significant role” in the disposal of the company’s trail book of commissions prior to Think Money entering liquidation, which resulted in creditors suffering loss and damage because of the reduced funds available for distribution, ASIC said.
Think Money was placed into external administration in November 2020 while Think Money Wealth Through Property was placed into external administration three years prior.
This ban from ASIC would prevent Childs from providing financial services, controlling an entity that carries on a financial services business, and performing any function involved in carrying on a financial services business.
She had the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.
AUTHOR
Rhea Nath
Rhea L Nath is a journalist on Super Review and InvestorDaily, with a focus on funds management, superannuation, and institutional investment. Previously, she covered small business and entrepreneurship news at Dynamic Business and multicultural issues at Indian Link Media Group. In 2022, she was named Young Journalist of the Year at the NSW Premier’s Multicultural Communications Awards.
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