FPA to wrap up Moore case shortly

The Financial Planning Association’s (FPA) investigation into the activities of Tasmanian-based adviser Brendan Moore, which commenced late last year, is nearing its conclusion.

“The case is now being sent to the disciplinary committee and I imagine it will be heard very shortly,” FPA general manager, professional standards, Adrian Lucchese said.

“All of the materials have been submitted to the panel and they are going to make an offer for Brendan to attend if he would like to.

“It’s not one of the matters that necessarily require a member to be in attendance, but because this one’s been quite public, and there’s been a lot of interest in it, they’ve given him the opportunity to attend with a principal, and I understand that should happen in the next few weeks,” he added.

The panel set to hear the Moore case is an independent one to be chaired by a member of the Victorian Bar.

In December last year, Moore pleaded guilty to charges brought by the Australian Securities and Investments Commission (ASIC) regarding his failure to provide four of his clients with Statements of Advice after helping them switch superannuation funds.

The Hobart Magistrates Court, where the case was tried, found the financial planner’s actions did not warrant a conviction and placed him on a good behaviour surety of $1,000 for 12 months.

Lucchese said Moore would not receive any favourable treatment from the panel despite claims from his dealer group, Financial Services Partners, that none of the adviser’s clients had been adversely affected or suffered any financial loss as a result of the actions in question.

Moore will have an avenue of appeal once the panel’s decision has been handed down.

“There is an appeal process, and my understanding is that he has 28 days in which to lodge it from the date of the judgement. That means that if we were going to say anything about the case, it would not be until after that appeal process ran through,” Lucchese explained.