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Wednesday 22 April 2020

20-096MR MyPlanner Professional Services’ AFS licence suspension on hold pending AAT review

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

On 12 February 2020, ASIC decided to suspend MyPlanner Professional’s AFS licence on the grounds that MyPlanner Professional had failed to comply with its general licensee obligations. These include adequately monitoring and supervising authorised representatives, and having adequate resources to carry out those supervisory arrangements.

MyPlanner Professional applied to the AAT on 12 February 2020 for a review of ASIC’s decision. 

On 15 April 2020, the AAT granted a stay of ASIC’s decision to suspend the AFS licence on the following conditions:

  • MyPlanner Professional must not accept any new financial services clients while the stay is in effect; and
  • By 20 April 2020, MyPlanner Professional must inform all its clients, authorised representatives and employees of ASIC’s decision to suspend its AFS licence and the conditions attached to the AAT’s decision to stay that suspension.

Background

ASIC imposed additional conditions on MyPlanner Professional’s AFS licence in December 2017 after it purchased the advice business of MyPlanner Australia Pty Ltd (17-418 MR). While MyPlanner Professional took some steps to address a number of ASIC’s concerns, including through the appointment of additional compliance staff, ASIC was not satisfied that MyPlanner Professional was meeting all of its licensee obligations. On 3 April 2020, ASIC cancelled MyPlanner Australia Pty Ltd’s licence (20-078MR).

United States-based Anvia Holdings Corporation acquired a 95% stake in MyPlanner Professional in June 2019 through its fully owned Australian subsidiary, Anvia (Australia) Pty Ltd.

Editor's note

On 9 June 2020 MyPlanner Professional withdrew their application for an appeal. On 10 June 2020 the AAT discharged the stay order and the 10-week suspension order issued by ASIC on 12 February 2020 came back into effect. The suspension is now due to expire on 4 August 2020.

Last updated: 30/03/2021 09:24