ASIC cancels three Qld-based licences
The corporate regulator has cancelled Australian financial services (AFS) licenses of FS Securities, Your Super Life, and MyPlanner Australia.
The Australian Securities and Investments Commission (ASIC) said in an announcement that it cancelled Queensland-based financial services provider FS Securities licence on 5 March after it failed to comply with financial services laws.
The firm did not meet the base level financial requirements of AFS licence holders for the 2017 and 2018 financial years. ASIC said it had failed to lodge its annual financial reports and auditor reports for the financial years ending 2018 and 2019.
Another Queensland-based firm Your Super Life’s licence was cancelled on 11 March as it also failed to lodge its annual financial reports and auditor reports for the financial years ending 2017, 2018, and 2019.
Gold Coast-based firm ACN 140 520 225, formerly known as MyPlanner Australia, had its licence cancelled on 17 March.
In November, 2019, the licensee was placed into external administration and a liquidator was appointed.
“As part of the cancellation, the licensee is required to maintain its membership of Australian Financial Complaints Authority for a minimum of 12 months,” ASIC said.
This followed an investigation in 2017 that found the firm had continued to give poor advice and low supervision of its representatives.
Recommended for you
A relevant provider has received a written direction from the Financial Services and Credit Panel after a superannuation rollover resulted in tax bill of over $200,000 for a client.
Estimates for the calendar year 2024 put the advice industry on track for a loss in adviser numbers as exits offset gains from new entrants.
Adviser Ratings shares five ways that financial advice changed in 2024 with an optimistic outlook for 2025, thanks to the Delivering Better Financial Outcomes legislation.
National advice firm Invest Blue has announced several acquisitions, including the purchase of an estate planning and wealth protection business Lambert Group.
