Bannister Mansfield Financial Services has publicly attacked the FPA for the second time in as many months over its new code of ethics and professional conduct, after publishing an advertisement in two metropolitan newspapers.
Bannister Mansfield Financial Services director and non-FPA member Gavin Murphy admitted placing the advertisement, but denied it was part of a planned attack on the FPA.
"We placed the ad not to target the FPA, but really to acknowledge the current public opinion of the financial planning industry and just highlight how our approach and services can remedy some of the shortcomings that have led to a loss of faith in the industry," Murphy said.
Asked if he or his business were concerned about the FPA or its chief executive Jo-Anne Bloch mounting a legal case in response to the advertisement, Murphy responded by echoing comments he made against the FPA's new codes in December 2008.
"What I'd like to get across is this - Jo-Anne Bloch is essentially bullying planners into becoming an FPA member," he said.
"If you don't, or if you disagree the FPA seems to think they have the right to publicly discredit you. Not everyone wants to be a member of the FPA."
The FPA and Bloch are considering their legal options.
"Mr Murphy's advertisement ... quite disgracefully besmirches the reputation of our CEO Jo-Anne Bloch, the FPA and its members by comparing them to disgraced former US Presidents Richard Nixon and Bill Clinton," FPA chair Julie Berry said.
"The advertisement questions Ms Bloch's and FPA members' professional integrity and honesty ... This is totally false and highly offensive. It is offensive to all financial planners."
