FPA expels planner and bans principal member
The Financial Planning Association (FPA) has meted out the most severe punishment allowable under its constitutional powers against a Western Australian-based planner and planning practice regarding advice issued about Westpoint investments.
The FPA Disciplinary Committee upheld 29 out of the 35 charges against Annemieke de Boer, expelled her from membership of the association and levied a $47,000 fine against her.
The financial planning practice in question, Centro Financial Synergy, has been banned from being a principal member of the FPA.
Centro Financial Synergy is not related to the listed entity Centro Properties Group.
The professional body’s action against Centro Financial Synergy comes after the Australian Securities and Investments Commission (ASIC) applied to have the financial services company wound up in January of this year.
ASIC’s request came about due to Centro Financial Synergy’s failure to comply with the regulator’s demand for a written statement regarding Centro’s operations, and the company’s failure to comply with its obligations as an Australian Financial Services Licence holder to lodge a set of audited financial accounts.
The de Boer case was one of three heard by the FPA Disciplinary Committee in January regarding the failed Westpoint Group of companies.
A second case assessed by the committee involved 14 charges relating to Westpoint, of which only six were upheld. A fine of $5,500 was imposed against the member involved, but it was decided the name of the member should not be published.
The third case was adjourned, to be heard again in March, when additional charges are likely to be brought against the member in question and examined.
FPA chief executive Jo-Anne Bloch said: “These actions are significant. They emphasise that the FPA will act to ensure that our standards are maintained at the highest level. We must both protect consumers and safeguard the reputation of the vast majority of professional financial planners, who are professionals in every way.”
Recommended for you
Professional services group AZ NGA has made its first acquisition since announcing a $240 million strategic partnership with US manager Oaktree Capital Management in September.
As Insignia Financial looks to bolster its two financial advice businesses, Shadforth and Bridges, CEO Scott Hartley describes to Money Management how the firm will achieve these strategic growth plans.
Centrepoint Alliance says it is “just getting started” as it looks to drive growth via expanding all three streams of advisers within the business.
AFCA’s latest statistics have shed light on which of the major licensees recorded the most consumer complaints in the last financial year.
