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
Advisers could find themselves unable to receive the fair market price of their advice as the Delivering Better Financial Outcomes legislation states superannuation trustees can reject deductions that are not charged on a cost basis.
Two advice professionals have shared five key takeaways as to how advisers can strengthen their communication with clients, especially at review time, in order to build deeper relationships.
The Financial Services Council has launched the Digital Advice Expert Group to support policy development around digital advice adoption and ensure greater accessibility for Australians.
MLC Asset Management’s managed account offerings have hit $2 billion in funds under management, underpinned by over half of financial advisers’ usage of the investment products.
