ASIC imposes further conditions on MyPlanner
The regulator has negotiated additional conditions on the Australian financial services license (AFSL) of Queensland-based firm MyPlanner Australia after it was found to be continuing giving poor advice and low supervision of its representatives.
Commenting on the conditions of the negotiation, the Australian Securities and Investments Commission (ASIC) said MyPlanner had assisted and cooperated with the investigation into its conduct, and referred to the concerns which had led to negotiation of new terms.
“Surveillance found that some MyPlanner advisers had not undertaken adequate inquiries into clients' relevant circumstances, had not completed sufficient analysis to determine the suitability of strategies, had not clearly defined the scope of advice, and had used generic reasons to support advice,” ASIC said.
“Further, MyPlanner's pre-vet and audits did not sufficiently identify these issues.”
ASIC has found MyPlanner had also failed to take reasonable steps to ensure representatives of the firm complied by the terms of its AFSL.
AUTHOR
Hope William-Smith
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