The Federal Court has disqualified Queensland-based director David Hodgson from managing corporations for five years and permanently restrained him from engaging in financial services without an Australian financial services licence (AFSL). The court found Hodgson, MacroLend and Great Southland each conducted an unlicensed financial services business between 2015 and 2023. However, the balance sheet of Kradle Software recorded intangible assets of only $11,180. ASIC deputy chair Sarah Court said: "This type of misconduct undermines trust and confidence in Australia's financial services." "Firms dealing in financial products have an obligation to be licensed which ensures customers are afforded key legal protections provided by an Australian financial services licence.