ASIC bans seventh adviser in WMP crackdown
The Australian Securities and Investments Commission (ASIC) has banned former Commonwealth Financial Planning Limited (CFPL) adviser, Stuart Murray Jamieson, from providing financial services for five years.
The ban comes a day after the regulator issued an eight-year ban to another former CFPL adviser, Sharnie Kent.
An ASIC investigation carried out under the Wealth Management Project, found that Jamieson had failed to provide a statement of advice (SOA) within the required timeframe on more than 500 occasions, despite warnings from his employer.
"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 authorise representative at Securitor Financial Group Limited," the regulator said.
Jamieson was a representative of CFPL from October 2003 until May 2012, when he resigned while the business was investigating his conduct.
ASIC revealed that Jamieson was the seventh adviser to be banned since the regulator started its WMP in October 2014.
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.