ASIC cancels Queensland group’s AFSL

ASIC has cancelled the Australian Financial Services Licence of Gold Coast-based group MyPlanner Professional Services.

The corporate watchdog stated it had cancelled the licence because the company is no longer operating a financial services business and had entered liquidation.

MyPlanner Professional had held the AFS licence no. 425542 since 18 September 2012, with the cancellation taking effect on 23 June.

Jason Bettles, of Worrells Solvency & Forensic Accountants, was appointed as a liquidator to MyPlanner Professional on 11 June.

The group’s licence was frozen in February, when ASIC suspended MyPlanner Professional’s AFSL for 10 weeks due to compliance concerns.

MyPlanner Professional had applied to the AAT in February for a review of ASIC’s decision, and the tribunal granted a stay of the regulator’s ruling on a few conditions.

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On 9 June, the group withdrew its application for an appeal and the day after, the AAT discharged the stay order – allowing the ASIC suspension to come back into effect.

According to its website, MyPlanner Professional was a privately owned licensee group providing licensee services to financial planners, accountants and mortgage brokers.

US-based Anvia Holdings Corporation acquired a 95 per cent stake in the company in June last year, through its local fully owned subsidiary, Anvia (Australia).

MyPlanner Professional’s website stated it had 180 licensed professionals within the group.

ASIC recently also cancelled the licence of ACN 140 520 225, formerly 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 last year.

MyPlanner Australia’s cancellation had followed additional conditions being placed on it and MyPlanner Professional in 2017 as a result of ASIC surveillance.

The corporate watchdog had 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.

ASIC cancels Queensland group’s AFSL
ASIC
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