CBA responds to Gillespie plea
The Commonwealth Bank has issued a statement clarifying its role in the banning and subsequent charging of former authorised representative Ricky Gillespie.
Following the announcement, CBA issued a statement clarifying its role in the matter.
“Rick Gillespie was employed as a CFPL [Commonwealth Financial Planning Limited] adviser between May 2006 and June 2009,” a CPA spokesperson said.
“CFPL notified ASIC of concerns regarding Rick Gillespie’s conduct in 2009 and 2010. He was subsequently permanently banned from providing financial services in 2012.
“A review of the advice provided to Mr Gillespie’s clients has been undertaken. Compensation was paid to those who were found to have suffered financial loss as a result of inappropriate advice or his improper conduct.
“Commonwealth Bank will not tolerate any unethical behaviour and is committed to addressing all instances of suspected misconduct or criminal activity. Commonwealth Bank assisted ASIC throughout its investigation and fully supports the actions being taken by ASIC in relation to this matter.”