Yesterday, ifa reported that Gillespie has pleaded guilty to a “rolled-up charge” of forging 33 documents in the Southport Magistrates Court relating to his time as a CBA adviser.
Following the announcement, CBA issued a statement clarifying its role in the matter.
“Rick Gillespie was employed as a CFPL [Commonwealth Financial Planning Limited] adviser between May 2006 and June 2009,” a CPA spokesperson said.
“CFPL notified ASIC of concerns regarding Rick Gillespie’s conduct in 2009 and 2010. He was subsequently permanently banned from providing financial services in 2012.
“A review of the advice provided to Mr Gillespie’s clients has been undertaken. Compensation was paid to those who were found to have suffered financial loss as a result of inappropriate advice or his improper conduct.
“Commonwealth Bank will not tolerate any unethical behaviour and is committed to addressing all instances of suspected misconduct or criminal activity. Commonwealth Bank assisted ASIC throughout its investigation and fully supports the actions being taken by ASIC in relation to this matter.”
They “won’t tolerate unethical behaviour” but let a Financial Planner get away with having other staff sign as second witness on Binding Death Noms after meetings. I’m not sure the PR team that puts out these statements has a handle on what really goes on.
What’s the point of having a “license” if the regulator never fines them or suspends them. Anyone fined for a driving offence screams it’s a form of revenue raising.You’d think surely the CBA would of been fined at least enough money to cover every advisers TPB fees for 12 months…Come January we’ll be up for $1,500 and CBA could of paid this as a fine by now. How many times does the CBA get away saying it’s not us it’s our advisers and we’ve signed them up to the FPA as punishment and paid their fees for them..
Nothing’s going to change.