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 (refer: 15-064MR).

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 (refer: 16-057MR).

Download the Federal Court's decision.

Editor's note:

On 17 February 2017, Ms Callychurn and UMS filed a Notice of Appeal to the Full Federal Court. On 19 May 2017, a directions hearing was held. The matter is to be set down for a one day hearing, on a date to be fixed.

Editor’s note 2:

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 (17-298MR).

Editor's note 3:

On 7 and 26 March 2018, the matter was re-heard in the Melbourne Administrative Appeals Tribunal.

Editor's note 4:

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).