Monitor Money licence wrapped up after nearly four decades
The licence of one of the oldest planning groups in Australia — Monitor Money — has been cancelled by request of its current owners after nearly 40 years in the financial services market.
Monitor Money, was first licensed in Chatswood, NSW in 1977 as a non-aligned planning group wholly owned by its directors. In 2000 it was partly owned by Spicers before ownership moved to Invest Assure Holdings (which closed down in 2007) and then purchased by AXA in 2002 which rolled it into ipac in 2009.
After the 2011 merger between AMP and AXA the licence was retained despite the planning business, financial planners and clients having already been integrated into ipac.
A spokesperson for AMP stated the Australian Financial Services Licence (AFSL) of Monitor Money was no longer required and was cancelled after a request by AMP.
Section 915B of the Corporations Act 2001 allows licence holders to cancel a licence upon request with ASIC formally signing off on the cancellation on 16 March 2015 and publishing notice of the cancellation earlier this week.
AUTHOR
Jason Spits
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