The Commonwealth Bank Group welcomes the Australian Securities and Investment Commission’s (ASIC) decision to ban former CFPL financial planners, Sharnie Kent and Stuart Jamieson.
In both instances the Commonwealth Bank Group reported concerns it had regarding misconduct to ASIC and to the police, and has cooperated in the ongoing investigations.
As part of the Enforceable Undertaking between 2011 and 2013, 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 remains committed to doing the right thing for our customers and continues to cooperate with ASIC to provide information on adviser misconduct.
These cases highlight the importance of the Adviser Register that was put in place by ASIC on 31 March 2015. 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 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.
If any customers have concerns about the financial advice they have received from CFPL, they should call Group Customer Relations on 1800 805 605.
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