Commonwealth Financial Planning (CFP) has entered into a client compensation program following an investigation by the Australian Securities and Investments Commission (ASIC) relating to a former adviser who gave inappropriate advice.
ASIC announced the arrangement with CFP, which it said had agreed to identify those affected and assess liability and appropriate compensation.
ASIC said CFP had adopted a cooperative and consultative approach to the problem.
It said CFP was reviewing relevant client files to identify individuals who had been adversely affected and that an independent expert would review the implementation of the program and compensation offers.
