FPA investigating AAA Shares’ CFP claims

FPA/ASIC/financial-planning/financial-planning-association/fpa-chief-executive/dealer-group/certified-financial-planner/dealer-groups/money-management/CFP/australian-securities-and-investments-commission/chief-executive-officer/

11 February 2013
| By Staff |
image
image
expand image

The Financial Planning Association (FPA) is investigating claims made by AAA Shares about its affiliation with the FPA and the Certified Financial Planner (CFP) status of some of its planners.

Dealer groups AAA Shares (now in liquidation) and AAA Financial Intelligence had their licences cancelled by the Australian Securities and Investments Commission last month after a two-year surveillance of the business.

Money Management understands the FPA's legal team is drafting a letter it will send to AAA in regards to a web page which contains claims that the dealer group was a member of the FPA, and that some of its planners had CFP status.

"At AAA Shares our Certified Financial Planners are available to offer you advice regarding your financial matters," the website states.

The page, which has the old FPA logo on it, can only be found through a Google search and is not linked through the AAA Shares website anymore, but it is still online.

FPA chief executive officer Mark Rantall said the association would further investigate the claims and "take appropriate action".

"We are investigating the matter and we take breach of the utilisation of our brand very seriously. We'll make further investigations and take appropriate action," Rantall said.

Rantall added the FPA hopes to find out whether AAA and its planners were ever affiliated with the association.

Money Management reported on Friday that some AAA Financial Intelligence planners might find a new home under the licence of Suncorp-owned dealer group Guardian Advice.

Suncorp's spokesperson confirmed that, while Guardian Advice had not yet signed any AAA planners on, it was definitely in talks with a "number of high quality advisers from the dealer group".

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

1 month 3 weeks ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months ago

Entireti has unveiled the new name for the AMP financial advice businesses that it acquired last year....

4 weeks ago

A Sydney financial adviser has been permanently banned from providing any financial services, with the regulator deriding his “lack of integrity, trustworthiness and prof...

2 weeks 6 days ago

Minister for Financial Services, Stephen Jones, has provided further information about the second tranche of the Delivering Better Financial Outcomes (DBFO) reforms....

1 week 5 days ago

TOP PERFORMING FUNDS