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CBA backs banning of former advisers

CBA has welcomed ASIC's announcement this week that it has banned two former Commonwealth Financial Planning (CFPL) advisers.

A statement by CBA said the bank reported concerns about Sharnie Kent and Stuart Jamieson to ASIC and police, and has cooperated in the ongoing investigations.

"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."