Ex-Storm adviser hits back at FPA allegations

Considers court action

By Kate Kachor
Thu 28 Jan 2010

Former Storm Financial adviser considers legal action against the FPA over breach allegations.

A former Storm Financial executive may resort to legal action against the FPA over allegations he breached a number of the association's codes of conduct while employed with the failed advice group.

Former principal of Storm Financial's Cairns office, Gus Dalle Cort, claims allegations made by the FPA's Conduct Review Commission over a complaint by one of his former clients are inaccurate.

"There are numerous statements made which simply are not correct," Dalle Cort said in a letter to the FPA's investigation manager.

"The courts will decide this outcome - if the FPA is keen to decide it prior to a court ruling then the FPA will have to deal with results of the court's ruling.

"I will defend my statements to the highest level as [the clients] along with me have had a grave injustice thrust upon them. I intend to defend myself in any manner that is required on the allegations made against me."

On 18 December, the FPA sent Dalle Cort a breach notice after receiving a complaint regarding his advice. 

The breach notice claimed Dalle Cort had breached four of the association's rules: 101 of the rules of professional conduct; 110 of the rules of professional conduct; 111 of the rules of professional conduct; and number six of the code of ethics (professionalism).

"The conduct review commission believes that you have a case to answer in respect of the alleged offences," the breach notice said.

The FPA has given Dalle Cort 28 days to respond to the allegations, though if they are not satisfied with his justifications an internal review hearing into the matter will be held in April.

In the last year, the FPA's conduct review commission has issued 61 breach notifications to 14 members and has held four hearings.

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