ASIC has banned a former Commonwealth Financial Planning Limited (CFPL) adviser from providing financial services for five years.
ASIC's action to ban Stuart Murray Jamieson is part of ASIC's Wealth Management Project which is targeting compliance in the four major banks, Macquarie and AMP (Refer 15-081MR).
An ASIC investigation of clients files found Mr Jamieson failed to provide a Statement of Advice (SOA) within the required timeframe on more than 500 occasions, despite warnings from CFPL.
Mr 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 authorised representative at Securitor Financial Group Limited.
Mr Jamieson has a right to appeal to the Administrative Appeals Tribunal for a review of ASIC;s decision.
Mr Jamieson was a representative of CFPL from Octover 2003 to May 2012. Mr Jamieson resigned from CFPL while CFPL were investigating his conduct.
Since ASIC's Wealth Management Project started in October 2014, in addition to Mr Jamieson ASIC has also banned the following advisers from the financial services industry:
- Sharnie Kent (Refer 15-286MR)
- Martin Hodgetts (Refer 15-218MR)
- Shawn Hickman (Refer 15-213MR)
- Brett O'Malley (Refer - 15-121MR)
- Brian Farber (Refer 15-178MR)
- Rebecca Locksley (Refer 15-070MR)
Further Wealth Management project outcomes
In September 2015 ASIC accepted enforceable undertakings (EU) from Reid Menkens, a former Millenium3 Financial Services Pty Ltd and AMP Financial Planning Pty Ltd representative, and Leo Menkens, a former AMP representative, following concerns over their compliance with financial services laws (Refer: 15-270MR).
In March 2015, Australian Financial Planning Solutions Pty Ltd (AFPS), an authorised representative of Charter Financial Planning Limited, an Australian financial services (AFS) licensee and subsidiary of AMP Limited, paid $10,200 in penalties after ASIC issued an infringement notice for making false or misleading representations (Refer 15-052MR).