Commonwealth Financial Planning has agreed to compensate former clients of one of its authorised representatives who lost money due to inappropriate advice they had received that breached the Corporations Act 2001.
The announcement comes in response to an ASIC investigation into the matter.
The compensation packages will be based upon restoring the proper investment positions clients would have been in had they received the appropriate advice.
The compensation packages will be assessed by an independent expert to ensure fairness.
The regulator will also be overseeing the process to make sure the proper outcomes are achieved.
