ASIC bans another Commonwealth Financial Planning adviser

by Julia Corderoy08 Oct 2015
ASIC has banned another former Commonwealth Financial Planning Limited (CFPL) adviser from providing financial services for five years.

The regulator’s action to ban Stuart Murray Jamieson is part of its Wealth Management Project, which is targeting compliance in the four major banks, Macquarie and AMP.

Jamieson’s banning follows the banning of another CFPL adviser, Sharnie Kent, which ASIC announced on Tuesday. 

ASIC’s investigation of client files found that Jamieson failed to provide a Statement of Advice within the required timeframe on more than 500 occasions, despite warnings from CFPL.

Jamieson also engaged in misleading and deceptive conduct in April 2014 by not disclosing his previous employment with CFPL and their investigation into him when applying to become an authorised representative at Securitor Financial Group Limited.

Since ASIC announced the banning of Jamieson and Kent, the Commonwealth Bank have released a statement, claiming they welcome and support ASIC’s decision. 

“In both instances the Commonwealth Bank Group reported concerns it had regarding misconduct to ASIC and to the police, and has cooperated in the ongoing investigations,” the statement read.

“As part of the Enforceable Undertaking between 2011 and 2013, the CFPL supervision and monitoring frameworks and processes were significantly improved and both Kent and Jamieson were reported as a result of these enhanced processes. 

“The Commonwealth Bank remains committed to doing the right thing for our customers and continues to cooperate with ASIC to provide information on adviser misconduct.”
 

COMMENTS

  • by Stephen Dinte 8/10/2015 12:51:21 PM

    What fantastic news. This means you can get away with doing the wrong thing 499 times, but heaven help you if you fowl up 500 times! What wonderful compliance within CBA. Really gives you confidence doesn't it!