ob体育 has banned a former Commonwealth Financial Planning Limited (CFPL) adviser from providing financial services for five years.
ob体育鈥檚 action to ban Stuart Murray Jamieson is part of ob体育鈥檚 Wealth Management Project which is targeting compliance in the four major banks, Macquarie and AMP (refer: ).
An ob体育 investigation of client 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 ob体育鈥檚 decision.
Background
Mr Jamieson was a representative of CFPL from October 2003 to May 2012. Mr Jamieson resigned from CFPL while CFPL were investigating his conduct.
Since ob体育鈥檚 Wealth Management Project started in October 2014, in addition to Mr Jamieson ob体育 has also banned the following advisers from the financial services industry:
- Sharnie Kent (refer: )
- Martin Hodgetts (refer: )
- Shawn Hickman (refer: )
- Brett O'Malley (refer: )
- Brian Farber (refer: ), and
- Rebecca Locksley (refer: )
Further Wealth Management Project outcomes
In September 2015 ob体育 accepted enforceable undertakings (EU) from Reid Menkens, a former Millennium3 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: )
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 ob体育 issued an infringement notice for making false or misleading representations (refer ).