ob体育 has cancelled the Australian Financial Services (AFS) licence of Queensland-based financial services provider MyPlanner Professional Services Pty Ltd (MyPlanner Professional).
MyPlanner Professional held AFS licence no. 425542 since 18 September 2012. The licence cancellation took effect on 23 June 2020.
ob体育 cancelled the licence because MyPlanner Professional is no longer operating a financial services business and is in liquidation. Under the聽Corporations Act 2001, ob体育 may suspend or cancel an AFS licence if the licensee ceases its financial services business.
Background
ob体育 imposed additional conditions on MyPlanner Professional鈥檚 licence in December 2017 because ob体育 was concerned that MyPlanner Professional鈥檚 representatives were providing poor financial advice and the licensee was not adequately monitoring and supervising its representatives (17-418MR).听
On 12 February 2020, ob体育 suspended MyPlanner Professional鈥檚 licence for 10 weeks due to continued compliance concerns (20-096MR).听