FPA fines banned adviser $16k
A financial adviser who was expelled by the Financial Planning Association (FPA) and banned by the corporate regulator has been fined $16,000 by the FPA, in addition to ordering him to pay over $12,000 in costs and expenses.
Former Roan Financial Group authorised representative, Darren Tindall, was banned for five years from providing financial services by the Australian Securities and Investments Commission (ASIC) last week for misleading and deceptive conduct.
This followed the FPA's Conduct Review Commission's (CRC) decision to hand down sanctions against Tindall for submitting an online insurance application with false material after the FPA received a complaint against him.
Tindall resigned from the FPA on 8 August 2014 and joined another professional body.
"The FPA submitted that some comfort might be afforded by Mr Tindall being a member of another professional body, and subject to that body's disciplinary system," the FPA said.
The FPA's submissions said Tindall had not "in any way acknowledged the conduct constituting the serious breaches and there are no reasonable grounds to expect that he will ever do so".
In his own submission Tindall said he should be subjected to a lesser fine as the breaches did not intend to financially benefit him, he was trying to help his client through his conduct, a maximum fine would cause significant financial harm to him and his family, and that Tindall was relatively inexperienced as a financial planner at the time of breach.
However, the CRC panel imposed the fine on Tindall for acting with lack of honesty and for breaching ethics and acting in a misleading, fraudulent and deceptive manner.
Tindall would have to pay an additional $12,432.39 to the FPA to cover its investigation costs and expenses, as well as disciplinary proceedings.
Tindall would have to pay the fine within 21 days of him receiving the notice in accordance with the Disciplinary Regulation 2011.
Recommended for you
While the Financial Services and Credit Panel can take action on individual advisers’ misconduct, a compliance professional unpacks why the panel does not always subject licensees to further action.
Platform HUB24 has reported $100 billion funds under administration in its latest quarterly results, helped by a 90 per cent rise in platform net inflows.
Progressing digital advice and seeking breakeven in the advice division are part of AMP’s goals for the upcoming financial year as it approaches 1,000 financial advisers in its licensee.
The Rask Group, in partnership with InvestSMART’s new investment platform, has announced three ETF strategies, aimed at empowering financial advisers to create and manage their own ETF portfolios.
