FPA's CRC fines Sam Henderson $50,000
The Financial Planning Association's (FPA's) independent disciplinary body, the Conduct Review Commission has imposed a $50,000 fine plus costs on former member, Sam Henderson, for breaches of the FPA's code of conduct.
The FPA acknowledged that Henderson, who appeared before the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry is no longer a member of the organisation.
Henderson was found guilty of nine breaches of the code.
Commenting on the outcome, FPA chief executive, Dante De Gori said the FPA Code required members to put their client's interests first and the CRC had ruled that Sam Henderson did not place his client's interest first or provide professional service objectively, and imposed sanctions accordingly.
Recommended for you
A financial advice firm has been penalised $11 million in the Federal Court for providing ‘cookie cutter advice’ to its clients and breaching conflicted remuneration rules.
Insignia Financial has experienced total quarterly net outflows of $1.8 billion as a result of client rebalancing, while its multi-asset flows halved from the prior quarter.
Prime Financial is looking to shed its “sleeping giant” reputation with larger M&A transactions going forward, having agreed to acquire research firm Lincoln Indicators.
An affiliate of Pinnacle Investment Management has expanded its reach with a London office as the fund manager seeks to grow its overseas distribution into the UK and Europe.
