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The Financial Planning Association of Australia’s (FPA) independent disciplinary body, the Conduct Review Commission (CRC), has imposed $50,000 in fines plus costs on Sam Henderson for the nine proven breaches of the FPA’s Code of Professional Practice. No appeal was made by Mr Henderson.
Sam Henderson is no longer a member of the FPA. The published case determination is available on the FPA website.
Dante De Gori CFP®, CEO of the FPA says, “Professional financial advice is about helping people at all stages of life, work towards their individual goals. Each client’s circumstances, needs, goals and priorities are different.
“The FPA Code requires members to put their client’s interests first. The CRC has ruled that Sam Henderson did not place his client’s interest first or provide professional service objectively, and imposed sanctions accordingly.
“Consumers actively search for FPA members when looking for financial advice because of the higher standards the FPA requires of them. The FPA is committed to standing with Australians for a better financial future and enforcement of the FPA Code is an important aspect of that commitment,” said Mr De Gori.
The CRC is an independent body established to ensure FPA members are held accountable to the FPA Code. The CRC plays a vital role in regulating the conduct of FPA members and upholding the highest ethical standards within the financial planning profession.
The CRC panel, which hears FPA disciplinary matters, is made up of experienced members of the financial planning profession. It is currently chaired by a former presidential member of the Australian Administrative Appeals Tribunal (AAT).
The FPA encourages all members to read past CRC determinations, and map their advice process to the FPA Code of Professional Practice to ensure they are aligned with the standards expected of them by the profession, and public.