The Financial Planning Association of Australia’s (FPA) independent disciplinary body, the Conduct Review Commission (CRC), has found former financial services executive Sam Henderson breached the FPA’s Code of Professional Practice.
The CRC determination, published today, said nine out of 10 alleged breaches of the FPA code were proven.
Information in relation to sanctions will be released in due course.
Henderson is the former chief executive of boutique accounting and advice firm Henderson Maxwell, which specialised in SMSFs and portfolio management for retirees.
After the banking royal commission exposed Henderson’s poor advice practices and other business-related activities in April, he announced his exit from the financial services industry.
FPA chief executive Dante De Gori said its members are required to uphold the highest ethical standards within the financial planning profession and Henderson failed to meet those standards.
“Consumers actively seek out FPA members when looking for financial advice because of the higher standards the FPA requires,” De Gori said.
“The FPA is committed to standing with Australians for a better financial future and enforcement of the FPA code is an important aspect of that commitment.”
The CRC plays a vital role in regulating the conduct of FPA members.
Its panel, which hears FPA disciplinary matters, is made up of experienced members of the financial planning profession and is currently chaired by a former presidential member of the Administrative Appeals Tribunal.