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.
[quote name=”Edward”]You have to give it to the guy – 500 new clients is a pretty good effort, despite all the breaches! I know of businesses that have been around for 10 years and they still don’t have 500 clients![/quote]
There is a difference between chrun and burn customers and clients!
You have to give it to the guy – 500 new clients is a pretty good effort, despite all the breaches! I know of businesses that have been around for 10 years and they still don’t have 500 clients!
[quote name=”Baffled”]How can you get away with this? How can Securitor not do a simple check on ASIC website for previous AFSL? Baffled![/quote]
Until a few months ago there was no record on ASIC’s site of employee representatives only Authorised Reps… this is what the ASIC Financial Adviser Register has now fixed.
How can you get away with this? How can Securitor not do a simple check on ASIC website for previous AFSL? Baffled!
I’m sorry, did you just say “more than 500 SoA discrepancies” ???????????