Commbank backs ASIC’s CFPL adviser bannings
The Commonwealth Bank has backed the actions of the Australian Securities and Investments Commission (ASIC) in banning two of its former Commonwealth Financial Planning Limited (CFPL) planners this week.
In doing so, the banking group said it had been responsible for reporting concerns it had about the planners regarding misconduct to both ASIC and the Australian Federal Police and had cooperated in the resultant investigations.
The bank said that the two planners, Sharnie Kent and Stuart Jamieson, had been identified in the processes which resulted from the Enforceable Undertaking, which was in operation between 2011 and 2013 during which "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 statement said the cases highlighted the importance of the Adviser Register put in place by ASIC earlier this year.
"The Adviser Register is designed to assist consumers to verify a financial adviser's authorisations to provide financial advice and to find out more about them. It also gives employers greater ability to assess the suitability of financial planners," the bank's statement said.
"The Adviser Register improves ASIC's and the community's ability to identify and monitor financial advisers."
"Other Commonwealth Bank initiatives to improve adviser standards include further enhanced supervision and monitoring, advocacy for an industry wide passport scheme and continuing improvements in adviser education," it said.
Recommended for you
A financial advice firm has been penalised $11 million in the Federal Court for providing ‘cookie cutter advice’ to its clients and breaching conflicted remuneration rules.
Insignia Financial has experienced total quarterly net outflows of $1.8 billion as a result of client rebalancing, while its multi-asset flows halved from the prior quarter.
Prime Financial is looking to shed its “sleeping giant” reputation with larger M&A transactions going forward, having agreed to acquire research firm Lincoln Indicators.
An affiliate of Pinnacle Investment Management has expanded its reach with a London office as the fund manager seeks to grow its overseas distribution into the UK and Europe.
