Commonwealth Financial Planning (Commonwealth FP) is progressing with its ASIC enforceable undertaking (EU), with the banking group submitting its first report to the corporate regulator late last month.
"We have an implementation plan that we're working through," Colonial First State executive general manager of advice Marianne Perkovic told InvestorDaily.
"The first assessment and the first report went to ASIC last [fortnight]."
The negligent actions of Commonwealth FP adviser Don Nguyen between 2003 and 2009 sparked the first EU for the advice group late last year, resulting in a seven-year disqualification for Nguyen.
Earlier this year Commonwealth FP adviser Simon Langton was banned, followed by Christopher Baker, Jane Duncan and Anthony Awkar in April.
PricewaterhouseCoopers is undertaking the review of the EU for the Commonwealth Bank of Australia-owned group, Perkovic said.
"It's progressing. The dates we have around it is October 2013 and it will take some time," she said.
"We're also progressing through imbedding the risk management framework into the business."
The group is still working on the beginning stage of the program so the delivery of the work will occur over the course of the next 12 months.
In addition, Perkovic, who oversees Count Financial, said that the business will focus on its accountants.
"With the accounting exemption gone, the growth potential for Count is to tap into the accounting market to help deliver financial services to their customers," she said.
The details for the removal of the accountants' exemption under the government's advice reforms are still unknown, but it's understood it will involve a workable licensing model for accountants.
