An adviser who ignored warnings from its licensee Commonwealth Financial Planning Limited (CFPL) over more than 500 Statement of Advice (SOA) discrepancies has become the second former CFPL planner to get slapped with a ban from the regulator this week.
ASIC has banned Stuart Murray Jamieson from providing financial services for five years. The action emanates from the regulator's Wealth Management Project that is targeting compliance in the four major banks, Macquarie and AMP.
An investigation of client files found Mr Jamieson failed to provide a Statement of Advice (SOA) within the required timeframe on more than 500 occasions, despite warnings from CFPL.
Mr Jamieson also engaged in misleading and deceptive conduct in April 2014 by not disclosing his previous employment with CFPL and their investigation into him when applying to become an authorised representative at Securitor Financial Group Limited.
Mr Jamieson has a right to appeal to the Administrative Appeals Tribunal for a review of ASIC's decision.
He was a representative of CFPL from October 2003 to May 2012, when he resigned from CFPL while his conduct was being investigated.
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 19 Dec 2018Advice bodies reach code monitoring agreementBy Adrian Flores
- 18 Dec 2018Court lays charges against former Sydney adviserBy Adrian Flores
- 19 Dec 2018Fiducian buys Vic financial planning businessBy Sarah Simpkins
- 18 Dec 2018ASIC permanently bans Victorian adviserBy Adrian Flores
- 18 Dec 2018Melbourne-based dealer group loses AFSLBy James Mitchell
- 18 Dec 2018AFA appoints new chair of women advocacy bodyBy Sarah Simpkins
- view all