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.

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