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FPA Fines Sam Henderson $50,000

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.

Former financial adviser, Sam Henderson

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.

  • Adam p

    And given Sam is a no longer a member of the FPA and I think retired from Henderson Maxwell Financial Advice – how will the FPA make him pay the fine ?
    Bit late to the event I think FPA.

    • Old Fella

      Adam, I believe that when joining/renewing your membership, you agree to pay any sanctions imposed, making the fine a legally enforceable debt. However I agree with you that the FPA has been late with this action & to hide from public & member views the names of members that have been penalised is in my view not in the spirit of professional ethics. The FPA needs to be accountable with it’s Conduct Reviews.

      • Adam p

        Hey Old Fella, ill bet you $50 the FPA never enforce or get paid the $50,000 fine from Sam.
        It’s a publicity stunt i feel to try to gain back some type of kudos for previously doing absolutely zip about the complaint until it all blew up in the RC.

        • Ben

          True – good luck collecting on that one. Will never happen.

  • David Smith

    From the sublime, to the ridiculous. Seems less about serving the public interest than the FPA grand-standing and trying to be seen to have finally done something on this case.

  • Dan

    FPA is a joke – always has been and always will be.