FPA letter to Royal Commission urged confidentiality
The Financial Planning Association (FPA) wrote to the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry asking that it not make public the name of high profile financial planner, Sam Henderson.
The letter, written by the FPA’s head of professionalism, John Bacon, was read in part to the Royal Commission this morning as part of questioning directed towards FPA chief executive, Dante De Gori.
Asked whether the FPA had offered to keep Mr Henderson’s name confidential, De Gori agreed that publication of a miscreant member’s name was one of his organisation’s most powerful sanctions. “It is our strongest sanction,” he said.
The letter from Bacon to the Royal Commission asking that Henderson’s name remain confidential suggested that to do otherwise would undermine the standing of the FPA’s Conduct Review Commission (CRC) and damage its relationship with members.
De Gori had earlier told the Royal Commission that expulsion from the FPA represented the organisation’s ultimate sanction against miscreant members, albeit it would not prevent them from continuing to practice in the industry.
Recommended for you
Financial Services Minister, Stephen Jones, will keynote Momentum Media’s Election 2025 event.
Rising bearishness among investors has led to a retreat into defensive assets, according to the latest quarterly manager and intelligence trends report from Bfinance.
Cbus Super, the superannuation fund for blue-collar workers, has announced it paid out almost $300m in insurance claims over the last financial year, a rise of $40m from the year before.
The $700 million not-for-profit fund Lutheran Super has announced it is to merge into Mercer Super, with the transfer set to take place in the fourth quarter this year.
