Strategi obviously cannot pre-judge what the FMA would do in the same circumstances but the New Zealand regulator does have similar banning powers to that of ASIC.
ASIC has banned another former Commonwealth Financial Planning Limited (CFPL) adviser from providing financial services for three years after an ASIC investigation found she had failed in her responsibilities while providing financial product advice.
Jane Duncan, of Washpool, Queensland, was employed as a financial planner with CFPL between 4 February 2008 to 27 January 2010.
ASIC’s investigation found Ms Duncan had failed to comply with the fundamental duties and obligations under the Corporations Act 2001, including:
- on a number of occasions there was no reasonable basis for Ms Duncan’s advice to clients;
- on one occasion Ms Duncan failed to provide a Statement of Advice document to a client;
- on several occasions Ms Duncan failed to include the main requirements for a Statement of Advice document; and
- failed to provide a replacement product advice record in some cases.
ASIC also found there were instances where Ms Duncan failed to action client instructions and left clients uninsured without their knowledge.
Further, ASIC found Ms Duncan had stored CFPL client files in her motor vehicle.