ASIC pulled the group’s AFSL effective 2 October 2012 following suspension earlier this year.
In April, ASIC announced it had suspended the group’s AFSL until 1 July 2012 after the business was put under the control of an external administrator.
An external administrator was appointed to Australian Performance Financial Planning in February 2012, with the company’s financial planning business sold by the external administrator in April.
Australian Performance Financial Planning is a financial planning business that provides financial advice for clients with self-managed super funds or similar investments plus income protection and life insurance policies.
Under the Corporations Act 2001 ASIC has the power to suspend or cancel an AFSL held by a corporate body if it, among other things, becomes an externally-administered body corporate.
Australian Performance Financial Planning Pty Ltd is required to maintain a dispute resolution scheme until 24 February 2013.
