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Friday 3 April 2020

20-078MR ASIC cancels AFS licences of FS Securities, Your Super Life and ACN 140 520 225 (formerly MyPlanner Australia)

 

ASIC cancels AFS licence of FS Securities

ASIC has cancelled the Australian financial services (AFS) licence of Queensland-based financial services provider FS Securities (Qld) Pty Ltd (FS Securities).

The licence cancellation took effect on 5 March 2020.

ASIC found that FS Securities failed to comply with financial services laws and the conditions of its AFS licence.

FS Securities did not meet the base level financial requirements of AFS licence holders for the 2017 and 2018 financial years. It also failed to lodge its annual financial reports and auditor reports for the financial years ending 2018 and 2019.

Under the Corporations Act 2001, ASIC may suspend or cancel an AFS licence if the licensee fails to meet their obligations.

FS Securities held AFS licence number 410183 since 1 December 2011. It has the right to seek a review of ASIC's decision by the Administrative Appeals Tribunal.

ASIC cancels AFS licence of Your Super Life

ASIC has cancelled the Australian financial services (AFS) licence of Queensland-based financial services provider, Your Super Life Pty Ltd (Your Super Life), effective from 11 March 2020.

The licence was cancelled because Your Super Life failed to comply with financial services laws and the conditions of its AFS licence.

ASIC found that Your Super Life failed to lodge its annual financial reports and its auditor reports for the financial years ending 2017, 2018 and 2019.

AFS licensees are required by law to prepare and lodge a profit and loss statement, balance sheet and an auditor’s report annually. Licensees must do this to prove that they have the financial resources to provide the services covered by their licence and to conduct their business lawfully.

ASIC also expects AFS licensees and their auditors to report significant breaches of financial services laws as they become apparent.

Under the Corporations Act 2001, ASIC may suspend or cancel an AFS licence if the licensee fails to meet their obligations.

Your Super Life held AFS licence number 474033 since 8 May 2015. It has the right to seek a review of ASIC's decision by the Administrative Appeals Tribunal.

ASIC cancels AFS licence of ACN 140 520 225 Pty Ltd (formerly MyPlanner Australia Pty Ltd)

ASIC has cancelled the Australian financial services (AFS) licence of Gold Coast-based ACN 140 520 225 Pty Ltd (the licensee) effective 17 March 2020.

The licensee was known as MyPlanner Australia Pty Ltd before it sold its advice business to MyPlanner Professional Services in February 2017.

The licensee was placed into external administration and a liquidator was appointed on 11 November 2019.

As part of the cancellation, the licensee is required to maintain its membership of Australian Financial Complaints Authority for a minimum of 12 months.

The licensee held AFS licence number 345905 since 7 June 2010.

ASIC imposed additional licence conditions on MyPlanner Australia in December 2017 following a surveillance (17-418MR).

Last updated: 30/03/2021 09:24