ASIC cancels AFS licence of MyPlanner Professional Services

ASIC has cancelled the Australian Financial Services (AFS) licence of Queensland-based financial services provider MyPlanner Professional Services Pty Ltd (MyPlanner Professional).

MyPlanner Professional held AFS licence no. 425542 since 18 September 2012. The licence cancellation took effect on 23 June 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, ASIC may suspend or cancel an AFS licence if the licensee ceases its financial services business.

Background

ASIC imposed additional conditions on MyPlanner Professional’s licence in December 2017 because ASIC was concerned that MyPlanner Professional’s representatives were providing poor financial advice and the licensee was not adequately monitoring and supervising its representatives (17-418MR).

On 12 February 2020, ASIC suspended MyPlanner Professional’s licence for 10 weeks due to continued compliance concerns (20-096MR).

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