ATT to review MyPlanner Professional Services’s AFS licence suspension

ASIC’s suspension of the Australian financial services (AFS) licence of MyPlanner Professional Services Pty Ltd (MyPlanner Professional) is currently on hold while the Administrative Appeals Tribunal (AAT) reviews ASIC’s decision.

ASIC suspended MyPlanner Professional’s AFS licence on 12 February 2020 on the grounds that MyPlanner Professional had failed to comply with the requirements of holding the licence. According to ASIC, the company failed to adequately monitor and supervise its representiatives and not allocating adequate resources to carry out those supervisory arrangements.

ASIC suspends AFS license

MyPlanner Professional applied to the ATT for a review of ASIC’s decision on 12 February.

The Tribunal granted a stay to ASIC’s decision on 15 April on a few conditions. MyPlanner Professional must not accept new financial services clients during the period in which the suspension is on hold. By 20 April the company must inform all clients, representatives and employees of the AFS licence suspension and the conditions under which the tribunal decided to hold it.

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