The FPA’s disciplinary body has imposed $50,000 in fines plus costs on Henderson Maxwell chief executive Sam Henderson.
Its Conduct Review Commission (CRC) laid down the fines on Mr Henderson for nine proven breaches of its Code of Professional Practice, including a failure to properly consider and identify strategies appropriate to one of his client’s personal circumstances and objectives, according to a statement.
The FPA also stated that Mr Henderson is no longer a member of the industry body.
FPA chief executive Dante De Gori said professional financial advice is about helping people at all stages of life work towards their individual goals.
“Each client’s circumstances, needs, goals and priorities are different,” Mr De Gori said.
“The FPA Code requires members to put their client’s interests first. The CRC has ruled that Sam Henderson did not place his client’s interest first or provide professional service objectively, and imposed sanctions accordingly.”
In June, ifa reported Henderson would be merging operations with fellow AZ NGA network member Pride Advice.
An AZ NGA spokesperson subsequently clarified that Mr Henderson will not be one of the advisers moving across to Pride Advice, instead opting to exit the financial advice industry altogether.
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