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.
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