ASIC cancels AFS licence of MyPlanner
The Australian Securities and Investments Commission (ASIC) has cancelled the Australian financial services (AFS) licence for MyPlanner Professional Services.
ASIC said it cancelled the licence because MyPlanner Professional was no longer operating a financial services business and is in liquidation.
In 2017 the regulator imposed additional conditions on MyPlanner Professional’s licence 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.
Following this, on 12 February 2020, ASIC suspended MyPlanner Professional’s licence for 10 weeks due to continued compliance concerns.
AUTHOR
Oksana Patron
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