ASIC bans another CFPL planner
The Australian Securities and Investments Commission (ASIC) has banned a sixth person as part of the so-called "Wealth Management Project" it began in 2014.
The regulator announced today that it had banned former Commonwealth Financial Planning employee representative, Sharnie Kent of Warialda, NSW, from providing financial services for eight years.
ASIC said it had banned Kent after finding "she 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".
ASIC's investigation found that between February 2011 and February 2014, Ms Kent:
• Did not provide a statement of advice to a client before providing 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.
Kent has a right to appeal to the Administrative Appeals Tribunal for a review of ASIC's decision.
Recommended for you
As the year comes to an end, Money Management takes a look at the biggest announcements that shocked the financial advice industry in 2024.
As the year draws to a close, a new report has explored the key trends and areas of focus for financial advisers over the last 12 months.
Assured Support explores five tips to help financial advisers embed compliance into the heart of their business, with 2025 set to see further regulatory change.
David Sipina has been sentenced to three years under an intensive correction order for his role in the unlicensed Courtenay House financial services.
