ASIC cancels three Qld-based licences
The corporate regulator has cancelled Australian financial services (AFS) licenses of FS Securities, Your Super Life, and MyPlanner Australia.
The Australian Securities and Investments Commission (ASIC) said in an announcement that it cancelled Queensland-based financial services provider FS Securities licence on 5 March after it failed to comply with financial services laws.
The firm did not meet the base level financial requirements of AFS licence holders for the 2017 and 2018 financial years. ASIC said it had failed to lodge its annual financial reports and auditor reports for the financial years ending 2018 and 2019.
Another Queensland-based firm Your Super Life’s licence was cancelled on 11 March as it also failed to lodge its annual financial reports and auditor reports for the financial years ending 2017, 2018, and 2019.
Gold Coast-based firm ACN 140 520 225, formerly known as MyPlanner Australia, had its licence cancelled on 17 March.
In November, 2019, the licensee was placed into external administration and a liquidator was appointed.
“As part of the cancellation, the licensee is required to maintain its membership of Australian Financial Complaints Authority for a minimum of 12 months,” ASIC said.
This followed an investigation in 2017 that found the firm had continued to give poor advice and low supervision of its representatives.
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