ASIC has cancelled the Australian financial services (AFS) licence of Sydney-based Australian Performance Financial Planning Pty Ltd (Australian Performance Financial Planning).

ASIC suspended the company’s licence earlier this year, and that suspension continued until the licence was cancelled (refer: 12-70AD).

An external administrator was appointed to Australian Performance Financial Planning in February 2012, with the company’s financial planning business sold by the external administrator in April.

The AFS licence was cancelled effective 2 October 2012.

Background

Section 915B(3)b of the Corporations Act 2001 (Corporations Act) allows ASIC to suspend or cancel an Australian financial services (AFS) licence held by a corporate body if the body, among other things, becomes an externally-administered body corporate.

Pursuant to section 915H of the Corporations Act the company’s licence continues in effect for the purpose of paragraph 912A(1)(g) of the Act to the extent that it requires Australian Performance Financial Planning Pty Ltd to maintain a dispute resolution scheme until 24 February 2013.