In a statement, ASIC said its suspension of MyPlanner Professional Services’ licence was on hold until the AAT reviewed the regulator’s decision.
MyPlanner had applied for a review of the suspension in February, and a stay was granted by the tribunal last week.
However, the business is not allowed to accept any new financial planning clients and must inform all staff and clients of the suspension decision while the stay is in place.
ASIC had originally suspended MyPlanner’s licence on the grounds that it had failed to comply with its licensee obligations, namely adequately monitoring and supervising authorised representatives and having adequate resources to carry out supervisory arrangements.
MyPlanner Professional Services had purchased the advice business of MyPlanner Australia in 2017 and had additional conditions imposed on its licence by ASIC in December of that year.
MyPlanner Professional Services had taken additional steps to address ASIC’s concerns, including appointing additional compliance staff, but ASIC was not sufficiently satisfied it could meet its licensee obligations and suspended the firm’s licence in February.
MyPlanner Professional Services was acquired by US-based Anvia Holdings Corporation in June 2019.
MyPlanner Australia also had its licence cancelled by the regulator earlier this month.
well done compliance team, take a bow
I belong to an industry fund. At all times it has out preformed privately run along with bank endorsed funds.
Ohh Ian… That’s is just not true.
Sounds like you have been brainwashed by a cult. My fund is better than all other funds in all market conditions. Eg Noone is flying yet industry funds claim that infrastructure such as Airports should not be priced at market valuations because they are a long term investment. The crap that they spin is laughable.
Ian,
Most industry funds still have fees at around 0.85% with No Advice, I can offer an option with fee around 0.4% plus advice at 0.3% total 0.7% and using passive investment and regular rebalancing can match or outperform most industry funds which still cling to the pretenmce that active management works. “From little lies, big lies grow”!!
Patrick, isn’t one of the gripes of retail aligned advisers that Industry fund aligned advisers give “free”intrafund advice which is subsidised by those that don’t get it. I’m confused.
Wow Patrick, this shows a complete ignorance… most industry funds have passive options at a third of the price you have quoted.
No they don’t. Read past the first fee page. Include borrowing costs, indirect costs, transaction costs and add them…
oh god you serious? you think they apply to the index options?
Ian, I mostly recommend industry funds, but it simply not true they always outperform retail funds. While for the media it may look this way, it is mainly due to the fact they (are allowed to) incorrectly classify investments as defensive when they are really growth. Many of their unlisted commercial buildings are classed as 50% growth 50% conservative. Most of the balanced options in the industry funds that claim better performance (thinking Hostplus, Rest, etc) have around 90% of their assets in what most advisers would class as growth assets. For letting this to happen, APRA should be ashamed.
The ones I recommend have great index fund options, and by that I mean true index funds such as Vanguard.
Wow
When will ASIC ever realise that it’s not lengthy documents (ie SoAs) or triplicates of the same information over and over again (ie FDS and Opt-Ins) that clients want or benefit from. If they ever bothered to hire people who have actual financial planning experience they might know this. Instead they hire analysts, lawyers, people who couldn’t hack being an adviser, or career public servants to regulate an industry they don’t get. Clients and Advisers have had enough.
ASIC are inept fools who have no clue. Why aren’t they out investigating the malfeasance in industry funds?
Because compared to MyPlanner industry funds ( Storm Financial and CBA ) are gods.
Logically, because there isn’t any?