ASIC bans former CBA adviser

According to a statement by ASIC, Sharnie Kent was an employee representative of Commonwealth Financial Planning. An investigation found that between February 2011 and February 2014, Ms Kent did not provide a statement of advice to a client before providing further financial service.

In addition, she had submitted insurance applications and alteration requests that contained incorrect information amounting to conduct likely to mislead and deceive. Ms Kent also wrote "purported signatures" of clients on insurance alteration requests and superannuation withdrawal forms.

Further, the adviser was found to have advised a share brokerage fee that was not properly payable by the client and charged an excessive adviser fee, ASIC said.

Ms Kent has a right to appeal to the Administrative Appeals Tribunal for a review of ASIC's decision.

ASIC deputy chair Peter Kell said: "ASIC is committed to raising standards of conduct and compliance in the wealth management industry and will act to remove advisers whose conduct falls short."

Ms Kent is the sixth person to be banned from the financial services industry as part of ASIC's Wealth Management Project, commenced in late 2014.

Other advisers banned by ASIC include: Martin Hodgetts, Shawn Hickman, Brett O'Malley, Brian Farber and Rebecca Locksley.