Non-bank licensee MyPlanner Australia has had licence conditions imposed on it following regulatory surveillance which found inadequate supervision of its authorised representatives.
On Monday (4 December), ASIC announced that it has “imposed licence conditions” on the AFSL of MyPlanner after it found that authorised representatives had provided “poor financial advice” and “lacked monitoring and supervision”.
A statement from ASIC said that the regulatory surveillance found that some advisers authorised under the licence had not made adequate inquiries into client circumstances or completed sufficient analysis to justify advice provided.
The licence conditions have also been applied to related entity MyPlanner Professional, the statement said.
However, speaking to InvestorDaily sister title ifa, MyPlanner managing director Philippa Sheehan said that it was she who proposed an independent review to the regulator following the surveillance.
Ms Sheehan said that she tabled the review in line with her broader views on good governance in the industry.
“[I believe] that all licensees should be subject to the appointment of an independent expert for periodic reviews and part of AFSL conditions,” Ms Sheehan told ifa.
“This is something that should apply to the small, the large, the privately owned and the vertically integrated models.”
ifa understands that ASIC agreed to the terms but has subsequently positioned the press statement as the conditions having been “negotiated” and “imposed” by the regulator.
A number of MyPlanner authorised representatives were previously licensed by now-defunct licensee Custom Wealth Solutions before moving to SMSF Partners, which subsequently rebranded as MyPlanner after Ms Sheehan’s appointment.
The NSW Supreme Court has selected law firm Maurice Blackburn to be the one to take a shareholder class action against AMP following last ye...
APRA will soon be handing down new prudential standards around remuneration following the damning results of an inquiry into 36 of Australia...
EXCLUSIVE Now that he’s secured his leadership, Prime Minister Scott Morrison has a major opportunity to secure the future viability of t...