Commonwealth Financial Planning (CFP), is to compensate clients who received inappropriate financial advice from one of their financial planners following an ASIC Investigation.
CFP will appoint an independent expert to review the implementation of the client compensation program and the compensation offers. CFP is also reviewing client files to identify individuals who have been adversely affected and where inappropriate advice was been provided offer compensation.
The ASIC statement also states that:
CFP will support clients seeking independent legal, accounting or financial advice who have received an offer of compensation as a result of receiving inappropriate advice.
We have conducted a number of successful investigations in respect of inappropriate and negligent financial advice from financial planners and institutions. We believe that it is important to receive independent financial advice to ensure that the compensation offered by Commonwealth Financial Planning to ensure that you are fully compensated for your losses.