ASIC has banned a former CBA adviser for eight years after an investigation found she contravened financial services laws.
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.
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 16 Aug 2017UBS appoints head of wholesale distributionBy Staff Reporter
- 17 Aug 2017Formerly banned adviser to face further ASIC chargesBy Staff Reporter
- 16 Aug 2017Challenger announces ‘strategic relationship’ with Japanese insurerBy Staff Reporter
- 16 Aug 2017Income protection insurance launched for on-demand workersBy Staff Reporter
- 17 Aug 2017New evidence for self-licensing surgeBy Aleks Vickovich and Linda Santacruz
- 16 Aug 2017RegTech to reduce adviser misconductBy Aleks Vickovich and Larissa Waterson
- view all