ASIC bans seventh adviser in WMP crackdown
The Australian Securities and Investments Commission (ASIC) has banned former Commonwealth Financial Planning Limited (CFPL) adviser, Stuart Murray Jamieson, from providing financial services for five years.
The ban comes a day after the regulator issued an eight-year ban to another former CFPL adviser, Sharnie Kent.
An ASIC investigation carried out under the Wealth Management Project, found that Jamieson had failed to provide a statement of advice (SOA) within the required timeframe on more than 500 occasions, despite warnings from his employer.
"Jamieson also engaged in misleading and deceptive conduct in April 2014 by not disclosing his previous employment with CFPL and their investigation into him when applying to become an authorise representative at Securitor Financial Group Limited," the regulator said.
Jamieson was a representative of CFPL from October 2003 until May 2012, when he resigned while the business was investigating his conduct.
ASIC revealed that Jamieson was the seventh adviser to be banned since the regulator started its WMP in October 2014.
AUTHOR
Nicholas O'Donoghue
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