In a statement, ASIC said it had cancelled the licences of FS Securities, Your Super Life and ACN 140 520 225, formerly MyPlanner Australia.
ASIC said the cancellation of FS Securities’ licence had taken effect on 5 March, after the regulator found the company did not meet the base level of financial requirements of AFS licence holders for the 2017 and 2018 financial years, and failed to lodge its financial and auditor reports for the 2018 and 2019 years.
Similarly, Your Super Life had failed to lodge its financial reports for 2017, 2018 and 2019, and had its licence suspended on 11 March.
The corporate regulator said it had also cancelled the licence of ACN 140 520 225, which was known as MyPlanner Australia before it sold its advice business to MyPlanner Professional Services in 2017.
The licensee was placed into administration and a liquidator was appointed in November 2019, ASIC said.
The cancellation followed additional conditions being placed on both MyPlanner Australia and MyPlanner Professional Services in 2017 following ASIC surveillance, which found some of the group’s advisers had not taken client circumstances into account when giving advice, had not completed sufficient analysis, had not clearly defined the scope of advice and had used generic reasoning when providing recommendations to clients.
Boom
Some people here just need to get a life.
there is one person that i have known for over 30 years that has no authority but is dealing with clients with false abn/acn and is getting away with this with pride
Boom
Kapow!
used generic reasoning when providing recommendations to clients. I would like to review my super….
And another 3 bites the dust – but about time these cowboys got held accountable. I’m very familiar with the MyPlanner business, some of their advisers were just plain dodgy as. Great work, ASIC – and well overdue
trouble is some are with IOOF as is one mentioned un RC – ASIC stated too old to act on many breaches and he has been good for x years!!!!
Yes Phillipa Sheehan. Won IFA Dealer exec of the year in 2017.
before my planner was my adviser brought in and sold out
Philippa Shehan
What was the name of the female MD/CEO of MyPlanner who for a number of years leading up to 2017 seemed to appear in the media every 2nd week? She was an ex-Colonial Geared Equities BDM
Philippa Sheehan. Yes she thought she knew everything. I guess they finally caught up with her
Actually my understanding is that Philippa left the My Planner business back in 2016/2017 thereabouts?? I’m sure the business was actually an Accounting business and they ran a Financial Planning business, so i think its Accountants running it.
Jeez, someone’s popular!
Actually it had nothing to do with me
Guess all those assumptions above are a tad embarrassing for the know it all’s then!
I will attest to that. Nothing to do with Philippa who whole heartedly deserved the recognition she received during her time at MyP.
Boom
What did you win award for then if u werent there?
Ouch