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.