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.
Cancel your FPA membership and join the FSU. At least they’re willing to go to bat for us in Canberra. The lobbying has already started.
So has the FPA beefed up its legal team since the Commission? Wasn’t it 2 million for marketing and 1 million for legal? Dante aside, what experience does the CFO have with budgeting for legal depts? CFO is the one who needs to rethink his priorities or step aside.
The FPA is an absolute joke. They don’t represent advisers. They just pump the stupid Future2 Foundation.
The Ceo of the fpa needs to resign asap. Turn a blind eye in return for tv appearances. Disgusting. Justice Haynes seemed to concur and we’re a in the middle of a fasea negotiation. Remaining a fpa member means you’re Complicit in this behavior. The Cfp brand is tainted goods.
I am no fan of the FPA – but I don’t know how the CEO was meant to single-handedly stop what advisers like Hendo were doing.
When you pay your fees you sign a declaration (a contract) that you’ll pay $50k if the fpa do a samh. Obviously a lot of readers have there fees paid in bulk by their product manufacturering employer and or dont read the fine print
Yes can either Dante confirm in the future when the fine is paid or can IFA follow up and let us know. I’ve got $100 on a no pay. Aside from the fact that the FPA did nothing until they were found out this is absolutely laughable. The FPA are an industry joke.
they are not just an industry joke, they are the laughing stock of all associations in australia. that’s why no one takes them (or their members) seriously.
please if you are a fair dinkum adviser and you are still paying their membership fees, please for the love of god, resign as there are so many worthy charities that deserve your patronage. and it’s fully tax deductible same as above except;
you will sleep better at night knowing you did some good, rather than paying for Dante the idiot and his buffoon cohorts
how fanciful, takes someone as dumb as the FPA to pull this. he isn’t going to pay it. what are you going to do? yeah, right as if you are going to take him to court to collect.
Dear FPA, please advise when the fine is paid by Sam. Until then this is pure shut the gate as Sam has bolted BS.
haha only after they were found out haha what a joke nothing to see lol
Per Peter’s comment, exactly! He’s no longer an FPA member and is no longer in the financial services industry. The FPA has no ability to collect the fine.
He’s rescinded membership and responsibility, FPA is as much a ‘tough cop on the beat’ as ASIC is/was on the Big 4…
Actually, if the amount is not paid, they might be able to get a debt (civil) judgement in a Court in NSW and that could be pursued. Will they do that is the question?
I don’t understand how they have legal capacity to do this.
You don’t understand ’cause you aint a Lawyer Billy Bob. Ask one and they’ll tell you.
No I’m not a lawyer and you are acting like you know it all so that’s why I asked.
so they are going to now chase him in court, after 12 months of not doing anything knowingly
are these people on drugs ? what is this nonsense, what sort of association is this?
and what sort of people willingly pay membership to belong to this ass_ociation
How does the FPA propose to actually recover this fine?