FPA to hand down sanction for poor risk advice
The FPA has announced it will be determining a sanction for a NSW member after it found he engaged in misleading and fraudulent conduct to obtain life insurance for a client.
The FPA says its Conduct Review Commission (CRC) is determining sanctions relating to Darren Tindall of Orange, NSW, for “engaging in misleading, deceptive, dishonest and fraudulent conduct to obtain life insurance for a client who was otherwise unlikely to obtain it”.
It found Mr Tindall also committed a serious breach of privacy involving a number of client records, the association said in a statement.
The FPA also announced it expelled former NAB financial planner Shylesh Sriranjan, of Melbourne, for cheating on his Certified Financial Planner (CFP) exam.
Sister publication ifa asked FPA chief executive Dante De Gori whether the specific naming of expelled members via press release is a change in strategy for the FPA.
“No,” Mr De Gori replied by email, without elaborating further on the matter. He did confirm that ASIC was not involved in the investigations, but that they are conducted by the CRC.
Mr De Gori’s response comes despite the ifa team having never previously received a formal FPA press release naming individuals who had not also been subject to ASIC enforcement activity.
ASIC is yet to put out an official announcement regarding any enforcement activity relating to Mr Tindall.
Mr De Gori said any breach of its code is taken seriously as it undermines the reputation of all members.
“The CRC has deemed this expulsion to be appropriate for the protection of the profession, particularly its public standing and the confidence of the public in its members,” he said.
“Expulsion from FPA membership includes loss of access to a number of benefits.”
The FPA said an announcement on the CRC’s determination relating to Mr Tindall’s professional standards breach will be made shortly.
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