The FPA has terminated the principal membership of financial planning firm Storm Financial (Storm).
FPA chief executive Jo-Anne Bloch announced the termination of the collapsed financial advisory firm's membership in a meeting earlier today.
In the meeting, the FPA also revealed that the association was close to laying charges against Storm. However, when the company entered voluntary administration the move to lay charges did not progress, Bloch said.
"We took the investigation into Storm to the point where we laid charges. We would have been able to talk more fully had the charges progressed and had we taken through our conduct with the review commission process," she said.
"But that has had to be suspended on the basis that we've had to terminate Storm's principal membership."
However, Bloch said that separately the FPA is able to investigate individual members, noting that only one-third of Storm's financial planners were members of the FPA.
"We make this point because it goes to the heart of why it is important for individual planners join the FPA. Not only do they sign up for the process of accountability but they can be held accountable," she said.
"So the one-third of Storm's authorised representatives, employed advisers, are still members of the FPA. We are able to continue their membership despite investigations."
The FPA is not currently investigating any other financial planning groups either involved or not involved with the collapse of Storm.
