MyPlanner Professional suspension on hold
The suspension of MyPlanner Professional Services’ Australian financial services licence (AFSL) has been put on hold until the Administrative Appeals Tribunal (AAT) reviews the corporate regulator’s decision.
The Australian Securities and Investments Commission (ASIC) suspended the licence on 12 February, 2020, after the firm failed to comply with its general licensee obligations.
This included adequately monitoring and supervising authorised representatives, and having adequate resources to carry out those supervisory arrangements.
After MyPlanner Professional Services applied to the AAT, on 15 April, 2020, the AAT granted a stay of ASIC’s decision on the following conditions:
- MyPlanner Professional must not accept any new financial services clients while the stay is in effect; and
- By 20 April, 2020, MyPlanner Professional must inform all its clients, authorised representatives and employees of ASIC’s decision to suspend its AFSL and the conditions attached to the AAT’s decision to stay that suspension.
Recommended for you
While the last several months have seen increased market volatility, particularly in the US, advisers said there are multiple reasons why there has been an increase in defensive asset flows.
Scarcity Partners believes the dynamics playing out in the managed account and outsourced chief investment officer market are “here to stay” based on positive developments in financial advice.
Former executive chairman of failed stockbroker BBY, Glenn Rosewall, has been charged with aiding, abetting, counselling or procuring BBY’s dishonest conduct in relation to a financial service.
Fidelity International research has revealed Australian investors are significantly more optimistic about the market outlook and feeling more comfortable than their APAC peers, despite ongoing market volatility.
