The Financial Planning Association (FPA) will publish a complaints and discipline report each quarter, in a bid to maintain a high standard of professional accountability. The move will “ensure more transparent communication for members, consumers and stakeholders”, according to Deen Sanders, FPA general manager professionalism.
The FPA investigated complaints against 130 of its 12,000 members for alleged breaches of professional standards, between January 2007, and March 2008. These investigations resulted in formal disciplinary action in 13 cases, seven of which related to Westpoint. “The FPA takes seriously its responsibility to remove unprofessional practitioners in order to maintain the integrity of the profession,” Sanders says.
“For the benefit of all our members and their clients, it is vital that the FPA continue its commitment to clear and decisive action as the professional body for financial planning.” In total, 40 per cent, or 52, of the 130 members investigated by the FPA during the period are subject to ongoing investigations. Six of the ongoing investigations relate to Westpoint.