FPA’s CRC finds Sam Henderson breached Code

The Financial Planning Association’s Conduct Review Commission has found that planner Sam Henderson breached the FPA’s Code of Professional Practice.

The CRC’s determination was published today, with Henderson’s conduct having come to particular note during the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.

The CRC found that nine out ten alleged breaches of the FPA Code were proven with the FPA stating information in relation to the sanctions would be released in due course.

Commenting on the outcome, FPA chief executive, Dante De Gori said FPA members were required to uphold the highest ethical standards and Henderson had failed to meet those standards.

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Too little to Late,
A code of conduct is for holding your members to higher standard .
Not just a piece of paper to look good.
You folded at the threat of losing a hand full of members.

I was going to visit a CFP but read about the FPA in the media. I was wondering if the FPA will be holding a seperate investigation into allegations that they did not act earlier due to the relationship between Mr Henderson's media position and a belief that the FPA's CEO would miss out on media appearances???

I guess this is why the Royal Commissioner said that code monitoring could not be put in the hands of industry associations. Given the payments between the FPA and product manufactures, and now this twisted tail, it's no wonder this was the outcome and why CFP brand is tarnished. The lack of silence in this issue indicates many FPA members are either complicit with this behavior or just pay membership money as they are forced to in order to meet some regulation such as TPB.

With professional bodies like these, red tape, Government intervention, low consumer trust will be an ongoing feature of the advice landscape for many years to come.

If the FPA was fair dinkum about professional responsibility and ethics, determinations of it's Conduct Review Panel wouldn't be "blinded" on their website for some decisions and not for others. It should be disclosure of one, disclosure of all. How can anyone have confidence in a so called professional association that treats different members differently? A good question for a professional journalist to propose to Mr De Gori, one would think.

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