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Another Commonwealth Financial Planning adviser disqualified

05 April 2012 4:47PM
The long-running investigation into the activities of a Commonwealth Bank company, Commonwealth Financial Planning, took another turn yesterday when the Australian Securities and Investments Commission announced the banning of another of its advisers.ASIC said CFP has given an enforceable undertaking that one of its employees, Christopher Baker, of Croydon, New South Wales, would not provide financial services in any capacity for a minimum of five years.Last October, CFP gave an undertaking to review its risk management system and regulatory compliance following complaints about the advice given by some of its planners.  In November 2010, CFP agreed to compensate clients who had received inappropriate advice from one of its advisers, Don Nguyen. Nguyen was later disqualified for seven years.In January this year, another of CFP's advisers, Simon Langton, was disqualified for two years.In the latest case, Baker was found to have not properly completed a number of Financial Needs Analysis documents, to have failed to determine customers' relevant personal circumstances, and also had a large number of clients with aggressive risk profiles.

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