Bank planners caught up in ASIC review of structured product sales 25 February 2015 4:37PM John Kavanagh Westpac, HSBC Bank Australia, Commonwealth Bank subsidiary Count Financial and National Australia Bank subsidiaries Meritum Financial and Genesys Wealth are among a group of financial planning businesses that have undertaken to correct deficiencies in the advice they offer on complex financial products.The Australian Securities and Investments Commission has been monitoring the advice offered by a group of planners in relation to structured products for the past couple of years.ASIC's focus was on structured products described as "capital protected" or "capital guaranteed".At the end of 2013 it issued a report, saying it had identified a range of conduct and disclosure concerns.Yesterday it reported that almost 1000 clients who received advice would have their files reviewed or be offered a review. Some clients have already been offered compensation.In the case of Count Financial, ASIC found that some client files did not contain all the evidence needed to form a reasonable basis for advice. Other files showed contraventions of internal business rules.HSBC advisers had obtained little or no relevant information about a client's personal circumstances, in some cases, before recommending HSBC structured products.ASIC's concern with Westpac was the appropriateness of advice and disclosure of product risks, fees and commissions. Westpac removed all protected equity loans from the approved product lists of Westpac and St George financial planning divisions.