CBA has welcomed ASIC's announcement this week that it has banned two former Commonwealth Financial Planning (CFPL) advisers.
"As part of the enforceable undertaking between 2011 and 2013, the CFPL supervision and monitoring frameworks and processes were significantly improved and both Kent and Jamieson were reported as a result of these enhanced processes," said CBA.
"The Commonwealth Bank remains committed to doing the right thing for our customers and continues to cooperate with ASIC to provide information on adviser misconduct.
"These cases highlight the importance of the Adviser Register that was put in place by ASIC on 31 March 2015," CBA said.
"Other Commonwealth Bank initiatives to improve adviser standards include further enhanced supervision and monitoring, advocacy for an industry-wide passport scheme and continuing improvements in adviser education."
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 14 Dec 2018ASIC clarifies RG 146 requirements for advisersBy Adrian Flores
- 14 Dec 2018Sargon Capital acquires listed robo adviserBy James Mitchell
- 14 Dec 2018Industry body flags CPD burden under FASEA proposalBy Adrian Flores
- 14 Dec 2018Adviser exodus creating ‘enormous opportunity’ for accountantsBy Jotham Lian
- 14 Dec 2018Advisers embracing ESG investing, says surveyBy Adrian Flores
- 13 Dec 2018AFA picks apart CPD policy from FASEABy Adrian Flores
- view all