The Australian Securities and Investments Commission (ASIC) has cancelled the licence of MyPlanner Professional Services, a Queensland-based financial services provider that is in liquidation.

The cancellation followed moves in February by the corporate regulator to suspend the firm’s Australian Financial Services (AFS) licence for 10 weeks over continued compliance concerns.

“ASIC cancelled the licence because MyPlanner Professional is no longer operating a financial services business and is in liquidation,” the corporate regulator said. “Under the Corporations Act 2001, ASIC may suspend or cancel an AFS licence if the licensee ceases its financial services business.

In December 2017, ASIC imposed additional conditions on the firm’s licence because its representatives were giving poor advice and there was inadequate supervision.