The Financial Planning Association of Australia has suspended two of its members after neither party opted to appeal their respective decision.
According to a statement, the FPA’s Conduct Review Commission (CRC) suspended Matthew Brown’s membership for two years. Further, he has been removed from the FPA’s 'Find a Planner' directory and has been stood down as chapter chair of the Gold Coast FPA Chapter committee.
The FPA said it initiated a complaint and investigation relating to the advice and conduct of Mr Brown in August 2017. In October 2018, the CRC panel determined he breached the FPA Code in seven of the 14 instances of alleged breaches.
In a separate case, the CRC suspended Dianne Bainbridge for six months following a complaint raised by a former client in November 2017. Ms Bainbridge’s details have also been removed from the FPA 'Find a Planner' directory.
In November 2018, the CRC panel determined that Ms Bainbridge had breached the FPA Code, with sanctions being handed down in December 2018. The FPA said she would undertake additional training and education in management and risk management.
FPA chief executive Dante De Gori said all members are required to uphold the highest ethical standards within the financial planning profession with no exceptions.
“The FPA is committed to standing with Australians for a better financial future and enforcement of the FPA Code is a critical aspect of that commitment,” Mr De Gori said.
Adrian Flores is a deputy editor at Momentum Media, focusing mainly on banking, wealth management and financial services. He has also written for Public Accountant, Accountants Daily and The CEO Magazine.
You can contact him on [email protected].
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