The regulator announced it had handed an eight year ban to Sharnie Kent of Warialda, NSW. Kent was an employee representative of Commonwealth Financial Planning during the time ASIC alleged the misconduct took place.
ASIC said it found Kent had contravened financial services laws, was involved in CFPL's contravention of financial services laws and was not adequately trained or competent to provide financial services. The regulator's investigation found that between February 2011 and February 2014, Kent:
- did not provide a statement of advice to a client before providing a further financial service;
- submitted insurance applications and alteration requests that contained incorrect information amounting to conduct likely to mislead and deceive;
- wrote purported signatures of clients on insurance alteration requests and superannuation withdrawal forms amounting to conduct likely to mislead and deceive;
- advised a share brokerage fee that was not properly payable by the client amounting to conduct likely to mislead and deceive; and
- charged an excessive adviser fee, represented that the fee would be refunded and did not take timely steps to refund the free amounting to unconscionable conduct.
"ASIC is committed to raising standards of conduct and compliance in the wealth management industry and will act to remove advisers whose conduct falls short," ASIC deputy chair Peter Kell said.
ASIC has banned a former Commonwealth Financial Planning adviser for eight years.