ASIC cancels three Queensland AFSLs

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.