FPA unveils anonymous misconduct reporting system
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The Financial Planning Association (FPA) is introducing an anonymous reporting system in its effort to tackle misconduct in the financial planning industry.
The system, called FPA Confidential, will be run online, linking directly from the FPA and Good Advice websites, providing easy access to anyone wishing to lodge a complaint. It is designed to complement the FPA's existing compliance measures.
The FPA's chief executive, Jo-Anne Bloch, said the development was in direct response to Storm Financial's collapse as well as "the need for vital information to allow the FPA to take action".
She said the FPA is aware of the deficiencies in compliance programs in that they are unable to prevent misleading and unethical behaviour.
"This specialist online system will allow the FPA to obtain critical information relating to misconduct, and potentially reduce the number of financial planners and licensees doing the wrong thing," Bloch said.
She said people not wishing to be identified tend to stay silent, so offering a "safe and independently managed reporting process will be welcome".
The FPA has outsourced the management of the online tool to Deloittes' forensic division.
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