ASIC bans unlicensed individual from financial services for 8 years

ASIC banned Christine Betty Childs, former director of Think Money and Think Money Wealth Through Property, for carrying on an unlicensed financial services business in recommending clients to buy property through their superannuation, including that they roll over their existing superannuation into self-managed superannuation funds. This conduct misled or deceived Ms Child’s clients who reasonably assumed that she was appropriately licensed to give them such advice.

In addition to the unlicensed conduct, ASIC found that MS Childs was involved in Think Money’s failure to give effect to an Australian Financial Complaints Authority determination to pay compensation to one of Think Money’s clients. ASIC found that Ms Childs played a significant role in the disposal of the company’s trail book of commissions prior to Think Money entering liquidation, which resulted in Think Money creditors suffering loss and damage because of the reduced funds available for distribution.

The ban prevents Ms 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.

Ms Childs has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.

Ms Childs’ banning is recorded on ASIC’s banned and disqualified register.