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Commonwealth Bank statement to Fairfax Media

Wednesday, 13 August 2014

Mr Stuart Jamieson was an authorised representative of Commonwealth Financial Planning (CFPL) between September 2003 and May 2012. CFPL issued a breach notice to ASIC regarding Mr Jamieson in November 2006, and again in September 2013.

In the lead up to the announcement of the Open Advice Review program, the Group decided to apply a fresh lens to matters involving an allegation of fraud.  We are reviewing matters where previously it was determined that there was insufficient evidence to warrant a referral to police.  Mr Jamieson’s matter was included in this process.  His matter has now been referred to the WA Police. 

CFPL is a significantly transformed business.  During the period of Enforceable Undertaking of 2011 – 2013 (EU) CFPL significantly improved its supervision and monitoring processes.  One of the issues that we are working with ASIC and an independent expert on following the EU is to ensure we identify reportable breaches in a timely manner.  These improvements will address the issues that led to a delay in the reporting of the Jamieson matter.   

CFPL has contacted affected clients.

Open Advice Review program

The OARp is a comprehensive, transparent and far-reaching program of review and remediation which is being offered at no cost to the customer.

The aim of the program is to put any customers who may have received poor advice back into the financial position they would have been in, had they received appropriate advice.

The OARp will also have independent oversight and an Independent Review Panel to ensure fair and consistent outcomes are delivered to impacted customers.

Any customers who received advice from Commonwealth Financial Planning Limited (CFPL) and Financial Wisdom Limited (FWL) between 1 September 2003 and 1 July 2012 and has any concerns regarding that advice, can call 1800 507 281 or visit to request an assessment of any advice received in the review period.