Advice group’s licence suspension on hold

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.