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FPA ousts Perth planner

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By Madeleine Collins
  •  
2 minute read

The FPA has expelled its first member who channelled clients' money into Westpoint.

The FPA has expelled its first member who channelled clients' money into Westpoint mezzanine investment products. Annemieke de Boer of Centro Financial Synergy Group in Western Australia was expelled from the FPA and fined $47,000 for what the association said were numerous breaches of its professional standards associated with advice given over Westpoint.

Ms de Boer faced 35 charges, 29 of which were upheld by the FPA disciplinary committee.

Centro Financial Synergy Group, which has since ceased to operate, has also been banned as a principal member from the FPA. It offered advice on residential and commercial property, wealth creation, income protection, life trauma services and targeted retirees and self-managed super funds.

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The bans represent the most serious action that the FPA is able to take against members under its constitutional powers.

"These actions are significant," FPA chief executive Jo-Anne Bloch said.

"They emphasise that the FPA will act to ensure that our standards are maintained at the highest level. We must both protect consumers, and safeguard the reputation of the vast majority of professional financial planners who are professionals in every way." Ms Bloch said.

The move follows an ASIC swoop on Centro. The regulator has commenced legal proceedings against the company, alleging it failed to comply with a request by ASIC to provide information about its financial services operation and lodge audited financial accounts. The matter will be heard in the Perth Federal Court on Wednesday.

In addition to Centro, the FPA continues to hear complaints about members embroiled in Westpoint.

Of the 14 charges brought against a member in January, six were upheld and the member was fined $5,500. The committee ruled that the member's details should not be published.

Another case against a third member was adjourned until March pending further investigation.

The Westpoint property group collapsed at the end of 2005, owing around $320 million to 4000 investors.

FPA ousts Perth planner
The FPA has expelled its first member who channelled clients' money into Westpoint.
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