November 14, 2018
The FPA has fined former high profile financial adviser, Sam Henderson, $50,000 in relation to the multiple breaches of its Code of Professional Practice.
The fine was imposed by the Association’s disciplinary body, the Conduct Review Commission (CRC) which, last month, found Henderson had breached the Code nine times (see: FPA Finds Henderson Breached Code of Practice).
Henderson, who is no longer a member, did not make an appeal against the findings – which are publicly available through the FPA website.
FPA Chief Executive, Dante De Gori said the FPA Code required members to put their client’s interests first and “…the CRC has ruled that Sam Henderson did not place his client’s interest first or provide professional service objectively, and imposed sanctions accordingly”.
The FPA highlighted that the CRC was an independent body comprised of experienced members of the financial planning profession and currently chaired by a former presidential member of the Australian Administrative Appeals Tribunal.
The Association also encourages its members to read past CRC determinations and to map their advice process to the Code to ensure they were aligned with high professional standards.