The corporate watchdog has accepted an enforceable undertaking (EU) from another ex-Commonwealth Financial Planning (Commonwealth FP) adviser, taking to six the number of the group's advisers targeted by ASIC.
Joe Chan, from Meadowbank, Sydney, was the servicing planner for former Commonwealth FP adviser Don Nguyen, who ASIC banned last year.
During the period 20 December 2006 to 1 October 2010, Chan falsely classified client files, encouraged clients to purchase insurance as he would waive the adviser fee and provided false information in statements of advice.
Under the EU, Chan has agreed not to provide financial services in any capacity for a minimum of two years and must adhere to supervision requirements for six months upon deciding to re-enter the financial services industry.
The EU follows the investigation of Nguyen last October, in addition to Simon Langton, Christopher Baker, Jane Duncan and Anthony Awkar this year.
On 25 October 2011, ASIC accepted an EU from Commonwealth FP to review its risk management framework.
It recently confirmed it submitted its first EU report to the corporate regulator last month.
Commonwealth FP is a wholly-owned subsidiary of Commonwealth Bank of Australia (CBA) and operates under the advice structure of Colonial First State, also part of CBA.
