ASIC has banned former mortgage broker and property spruiker Christine Betty Childs, of Sunshine Coast, Queensland, from providing financial services for eight years.
ASIC banned Mrs 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 rollover their existing superannuation into self-managed superannuation funds. This conduct misled or deceived Mrs 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 Mrs 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 Mrs 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 Mrs 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.
Mrs Childs has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC's decision.
Mrs Childs' banning is recorded on ASIC's banned and disqualified register.
Background
Think Money Pty Ltd (ACN 124 000 835) (Think Money) was placed into external administration on 11 November 2020.
Think Money Wealth Through Property Pty Ltd (ACN 141 037 229) (Think Money Wealth Through Property) was placed into external administration on 20 July 2017.
