ASIC’s suspension of MyPlanner Professional’s license put on hold

Maria Nikolova

The suspension of the AFS licence of MyPlanner Professional is on hold until the Administrative Appeals Tribunal reviews ASIC’s decision.

The Australian Securities and Investments Commission (ASIC) today confirms that the Administrative Appeals Tribunal (AAT) is reviewing its decision regarding the suspension of the Australian financial services (AFS) licence of MyPlanner Professional Services Pty Ltd. The suspension is on hold until the AAT reviews ASIC’s decision.

In February, ASIC decided to suspend MyPlanner Professional’s AFS licence on the grounds that the firm had failed to comply with its general licensee obligations. These include adequately monitoring and supervising authorised representatives, and having adequate resources to carry out those supervisory arrangements. MyPlanner Professional then applied to the AAT for a review of ASIC’s decision.

On April 15, 2020, the AAT granted a stay of ASIC’s decision to suspend the AFS licence on the following conditions:

  • MyPlanner Professional must not accept any new financial services clients while the stay is in effect; and
  • by April 20, 2020, MyPlanner Professional must inform all its clients, authorised representatives and employees of ASIC’s decision to suspend its AFS licence and the conditions attached to the AAT’s decision to stay that suspension.

ASIC imposed additional conditions on MyPlanner Professional’s AFS licence in December 2017 after it purchased the advice business of MyPlanner Australia Pty Ltd. While MyPlanner Professional took some steps to address a number of ASIC’s concerns, including through the appointment of additional compliance staff, the regulator was not satisfied that MyPlanner Professional was meeting all of its licensee obligations.

On April 3, 2020, ASIC cancelled MyPlanner Australia Pty Ltd’s licence.

Read this next

Retail FX

ThinkMarkets expands CFDs lineup to over 4000 ETFs and shares

ThinkMarkets has expanded its service offering by incorporating 2500 new CFDs on shares and ETFs on its ThinkTrader platform.

Retail FX

France regulator warns investors of Omega Pro, Businessempire.fr

France’s financial markets regulator alerted investors that scams related to Omega Pro Ltd are beginning to circulate, with the blacklisted firm capitalizing on the situation to run a range of “unrealistic” offers.

Digital Assets

Web3 platform Grand Time paid $2 million in token earnings to date

Community-driven Web3 platform Grand Time said its offering – which includes a multifaceted platforms and its native token – has been gaining significant traction highlighted by impressive operational metrics.

Institutional FX

FX volumes at MOEX halved in April as ruble gains gorund

Currency trading at Moscow Exchange (MOEX) halted its upward route in April as monthly volumes nearly halved from a month earlier.

Digital Assets

FTX US adds stock trading, fractional shares to crypto platform

FTX US, the American subsidiary of crypto exchange FTX has kicked off stock trading feature to its customers in an effort to compete with popular platforms such as Robinhood and eToro.

Industry News

UK FCA empowered to remove brokers’ permissions in 28 days

Businesses with permissions they don’t need or use, risk misleading consumers. These new powers will enable us to take quicker action to cancel permissions that are not used or needed.

Industry News

CFTC charges $44m Ponzi scheme but millions may have fled to foreign crypto exchange

The CFTC alleged that defendants transferred millions of dollars to an off-shore entity that, in turn, may have transferred funds to a foreign cryptocurrency exchange. None of these funds were returned to the pool.

Technology

Saxo Bank deploys Adenza to address Basel and EBA requirements

The integration of ControllerView will enhance Basel-driven capital calculations and reporting at Saxo Bank in support of the bank’s multijurisdictional capital and liquidity reporting requirements throughout Denmark, Switzerland and UK, with plans to expand into the Netherlands.

Executive Moves

ComplySci appoints CTO, CPO, and CLO to further regtech’s product expansion

ComplySci offers compliance software used by more than 1400 global institutions to identify risk and address regulatory compliance challenges.

<