On Tuesday, ASIC announced it had handed an eight year ban to former CFPL adviser Sharnie Kent of Warialda, NSW. Now, ASIC has announced a five year ban for Stuart Murray Jamieson, another CFPL adviser.
An ASIC investigation found Jamieson failed to provide a Statement of Advice within the required timeframe on more than 500 occasions, despite warnings from CFPL.
ASIC said Jamieson also engaged in misleading and deceptive conduct in April 2014 by failing to disclose his previous employment with CFPL and their investigation into his actions when applying to become an authorised representative of Securitor Financial Group Limited.
Commonwealth Bank welcomed ASIC’s actions against both advisers, and said in both occasions it had reported concerns it had regarding misconduct to ASIC and the police, and had cooperated with ongoing investigations.
“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,” the bank said in a release.
Commonwealth Bank said the cases highlighted the importance of the Adviser Register.
ASIC has banned yet another former Commonwealth Financial Planning adviser.