The Australian Securities and Investments Commission (ASIC) has accepted an enforceable undertaking from a Commonwealth Financial Planning financial adviser who failed to meet his professional obligations.
Commonwealth Financial Planning employee Simon Langdon of Mindarie, Western Australia, has agreed not to provide financial services for two years. He has also agreed to undertake professional education requirements, followed by 12 months of strict supervision, should he re-enter the financial services industry.
Between April 2008 and June 2010, Langton was found to have failed to meet obligations including:
- completing financial needs analysis documentation (and allowing clients to sign blank financial needs analysis documentation);
- making reasonable inquiries in relation to the personal circumstances of clients before implementing financial advice;
- providing clients with statements of advice;
- providing statements of advice within a reasonable time period;
- and disclosing fees in a statement of advice.
This follows last October's announcement that Commonwealth Financial Planning had offered an enforceable undertaking to ASIC in an attempt to improve its risk framework. This followed the high-profile case of former Commonwealth Financial Planning financial adviser Don Nguyen, who was last March banned for seven years by ASIC.
