A financial planning company has lost its licence to operate following months of dealings with the industry watchdog.
A financial planning company has lost its licence to operate following months of dealings with the industry watchdog.

Financial planning company shut down

A QUEENSLAND financial planning outfit has lost its licence to operate following suspension by the financial watchdog.

The Australian Securities and Investments Commission this morning said it cancelled the Australian Financial Services licence of MyPlanner Professional Services Pty Ltd.

ASIC said it cancelled the licence because MyPlanner Professional was no longer operating a financial services business and was in liquidation. 

MyPlanner Professional had held its licence since 2012 and ASIC imposed additional conditions on MyPlanner Professional's licence in December 2017 because ASIC was concerned that MyPlanner Professional's representatives were providing poor financial advice and the licensee was not adequately monitoring and supervising its representatives.

Then in February, ASIC suspended MyPlanner Professional's licence for 10 weeks due to continued compliance concerns.

The cancellation of the licence took effect on June 23.

Originally published as Queensland financial planner shuts down