Australian regulator cancels licence of MyPlanner Professional Services
MyPlanner Professional is no longer operating a financial services business and is in liquidation.
The Australian Securities & Investments Commission (ASIC) today announces that it has cancelled the Australian Financial Services (AFS) licence of MyPlanner Professional Services Pty Ltd. The licence cancellation took effect on June 23, 2020.
ASIC cancelled the licence because MyPlanner Professional is no longer operating a financial services business and is in liquidation. Under the Corporations Act 2001, the regulator is allowed to suspend or cancel an AFS licence if the licensee ceases its financial services business.
Let’s recall that, in February 2020, 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.
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.