Risk Company Update

Company Updates

MyPlanner Professional Services in liquidation

Queensland financial advisory group, MyPlanner Professional Services (MPS), has closed its doors after withdrawing its appeal to the Administrative Appeals Tribunal (AAT) to remove its Australian financial services (AFS) licence suspension by the Australian Securities and Investments Commission (ASIC). The company is now in voluntary liquidation.

ASIC first imposed conditions on the company’s licence in 2017 after the discovery of poor financial advice and inadequate monitoring and supervision of its financial advisers. MPS’s licence was suspended in February 2020, with ASIC stating that it had failed to adequately monitor and supervise its advisers, with inadequate resources to carry out that supervision.