Former Storm Financial adviser Paul Florence has been expelled as a member of the FPA.
Florence was expelled in late November last year after an FPA investigation found he had breached five rules within the association's code of professional conduct and ethics, according to a report from the FPA Conduct Review Commission (CRC) panel.
As well as expelling Florence, the panel ordered Florence to pay the costs of the proceedings in the amount of $4300.28.
The FPA were alerted to Florence's activities by two of the adviser's former clients in July last year, the report found.
The CRC panel found Florence made investment recommendations to his clients which contained misrepresentations; were not suitable or appropriate; did not properly explain the investments; failed adequately to explain the investment risks involved in the recommendations.
"The CRC Panel also finds that Florence's conduct amounted to a gross breach of Ethic Principle 6 that has brought discredit to the financial planning profession," the report said.
"The Panel finds that all of these breaches occurred with the highest disregard for the instructions received by Florence, the reliance placed on Florence by the complainants and the responsibility of Florence as an FPA member.
"There was no evidence of conduct by Florence of a deceptive, dishonest or fraudulent nature."
Florence was found in breach of was: Rule 101 of the Roles of Professional Conduct; Rule 110 of the Rules of Professional Conduct; Rule 118 of the Rules of Professional Conduct; Rule 111 of the Rules of Professional Conduct; and Rule six of the Code of Ethics (Professionalism).
In handing down its determination regarding Florence's case, the CRC Panel said Florence has brought "disrepute" to the financial planning profession at large.
"The Panel determines that the conduct of Florence evidenced in these proceedings does not meet the competence or skill expected of a member of the FPA," the report said.
"Observation of Florence's conduct in this matter by a member of the public cannot enhance the reputation of the financial planning profession.
"The Panel cannot conclude that the conduct of Florence evidenced in these proceedings supports or enhances the reputation, esteem or credit of the financial planning profession."
The complaint against Florence was made in writing by his clients on 27 February 2009 while Florence was an authorised representative of Storm Financial, the report said.
