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Commonwealth FP clients call for ASIC purge

An elderly couple affected by inappropriate advice given by Commonwealth Financial Planning adviser Don Nguyen have called for the dismissal of ASIC’s chairman and deputy chairman.

In an official submission to the Senate inquiry into the performance of the corporate regulator, former Commonwealth FP clients Merv and Robyn Blanch outlined the full impact of the poor advice on their financial and mental states.

“We have sacrificed our privacy to help expose [Commonwealth FP’s] activities in an attempt to see some justice served; the cost to us… has been far greater than just our extensive financial losses,” Mr and Mrs Blanch wrote in the submission.

“We need to see ASIC made accountable for what they didn’t do to protect investors… and we want to see [ASIC deputy chairman Peter] Kell and [ASIC chairman Greg] Medcraft dismissed,” the submission stated.

The submission went on to state that the incident had shaken their faith in the financial planning profession, explaining they are concerned about “the financial future of [their] children and grandchildren” if action is not taken to stop similar occurences.

Mr and Mrs Blanch also called for "everyone in CBA's management who covered up [Mr nguyen's] activities" to be prosecuted.