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
Recommended for you
With Insignia shares up 32 per cent in the past month and the firm enacting a five-year growth plan, Morningstar believes the two recent acquisition bids from private equity firms demonstrate the company is undervalued.
As financial advisers enter the new year, Assured Support shares eight strategies to help advice businesses thrive through focused and consistent planning.
Insignia Financial has received a takeover bid from a second US firm, topping Bain Capital’s offer with a bid of $4.30 per share.
As the year comes to an end, Money Management takes a look at the biggest announcements that shocked the financial advice industry in 2024.
