ASIC has accepted an enforceable undertaking (EU) from former Commonwealth Financial Planning Limited (CFPL) employee, Joe Chan, after he failed to meet various obligations as a financial adviser. The EU follows an investigation into the advice provided by several of CFPL’s financial advisers. CFPL is a wholly owned subsidiary of the Commonwealth Bank of Australia (CBA) and operates under the advice structure of Colonial First State, which is also part of the CBA. Mr Chan was the servicing planner for former CFPL adviser Don Nguyen, who ASIC banned from providing financial services for seven years.  ASIC has concerns that between 20 December 2006 and 1 October 2010, Mr Chan of Meadowbank, New South Wales: (i) falsely classified client files; (ii) encouraged clients to purchase insurance by advising them that he would waive the adviser service fee; and (iii) provided false information in Statement of Advice documents.