Former Commonwealth FP adviser banned

ASIC has handed down a seven year banning order against a former employee of Commonwealth Financial Planning, identified as part of the enforceable undertaking accepted in 2011.

In a statement issued today, ASIC announced it has banned Jade Zaicew from engaging in credit activities and providing financial services.

An ASIC investigation found that Mr Zaicew – who was a Commonwealth FP adviser between May 2008 and 2012 – engaged in misleading and deceptive conduct including “conducting unauthorised transactions on several client accounts including false information in three documents for the purpose of recording client instructions that were not in fact given, and backdating four records of advice contained on client files”.

Update added 7 April 2021: The ban against Mr Zaicew has now been lifted.