The Administrative Appeals Tribunal (AAT) has affirmed ASIC's decision to cancel the Australian Credit Licence of Unique Mortgage Services Pty Ltd (UMS). In addition, the AAT has varied ASIC's banning of Ms Meenakshi Callychurn, a former Victorian finance broker, from engaging in credit activities.
ASIC banned Ms Callychurn from engaging in credit activities in March 2015 for a period of five years and cancelled the Australian Credit Licence of UMS. The AAT has today varied Ms Callychurn's banning from a period of five years to four years. (15-064MR)
In affirming ASIC's decision, the AAT found that Ms Callychurn had contravened the National Consumer Credit Protection Act 2009 twice in relation to Annual Compliance Certificates of UMS. In addition, the AAT found that Ms Callychurn had demonstrated a pattern of behaviour which was not consistent with those that would be expected of a person who is a fit and proper person.
Background
Ms Callychurn and UMS initially made applications to stay ASIC's decisions, which were refused by the AAT. Download the AAT's decision
Ms Callychurn also made an application to have the AAT member recuse himself, which was refused by the AAT. Download the AAT's decision
Editor's note 1:
On 29 March 2016, Ms Callychurn and UMS filed a Notice of Appeal with the Federal Court of Australia in relation to the decision of the Administrative Appeals Tribunal.
Editor's note 2:
On 1 December 2016, the Federal Court appeal was heard before Justice Beach. On 27 January 2017, the appeal was dismissed (refer: 17-019MR).
Editor’s note 3:
On 17 February 2017, Ms Callychurn and UMS filed a Notice of Appeal to the Full Federal Court.
Editor's note 4:
On 1 September 2017, the Full Federal Court upheld Ms Callychurn and UMS’s appeal and remitted the matter to the Administrative Appeals Tribunal to be re-heard (refer 17-298MR).
Editor's note 5:
On 7 and 26 March 2018, the matter was re-heard in the Melbourne Administrative Appeals Tribunal.
Editor's note 6:
On 25 October 2019, and upon remittal from the Full Federal Court, the AAT affirmed ASIC's decision to ban Ms Callychurn from engaging in credit activities for five years and to cancel the Australian Credit License of UMS (19-294MR).