Education and training group Australian Careers Network has put its shares in voluntary suspension until November 21, as it addresses non-compliance issues raised by regulators.
Earlier this week, the national vocational education and training regulator told ACN's Melbourne-based subsidiary Phoenix Institute that its registration will be cancelled, following complaints from students.
The Australian Skills Quality Authority said it had taken the decision after several months of comprehensive scrutiny of Phoenix, which uncovered significant non-compliance with the VET quality framework.
ACN said on Thursday it expects to correspond with the regulators and receive their responses by Nov 21.
Investor sentiment in the private education and training sector had already been dented by the Victorian government's decision in 2014 to strip funding for education group Vocation, following findings of substandard practices in two of its businesses.
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