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
The top five licensees are demonstrating a “strong recovery” from losses in the first half of the year, and the gap is narrowing between their respective adviser numbers.
With many advisers preparing to retire or sell up, business advisory firm Business Health believes advisers need to take a proactive approach to informing their clients of succession plans.
Retirement commentators have flagged that almost a third of Australians over 50 are unprepared for the longevity of retirement and are falling behind APAC peers in their preparations and advice engagement.
As private markets continue to garner investor interest, Netwealth’s series of private market reports have revealed how much advisers and wealth managers are allocating, as well as a growing attraction to evergreen funds.
