Financial planning group Australian Performance Financial Planning Pty Ltd has had its Australian financial services licence (AFSL) suspended for a period of three months.
ASIC has suspended the group's AFSL until 1 July 2012 after it was put under the control of an external administrator.
An external administrator was appointed to the group in February this year.
Australian Performance Financial Planning is a financial planning business that provides financial advice for clients with self-managed super funds or similar investments and income protection and life insurance policies, an ASIC statement said.
"ASIC will review the suspension within the three month period to determine whether it continues to be necessary," the statement said.
"Australian Performance Financial Planning has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC's decision."
ASIC has the power to suspend or cancel an AFSL under the Corporations Act 2001.
