A former adviser of Storm Financial has been found guilty of breaching four of the FPA’s professional conduct rules.
The association’s Conduct Review Commission Disciplinary Panel found at a hearing on 2 July that the former principal of Storm Financial’s Cairns office, Gus Dalle Cort, had breached the rules.
The panel of Dimity Kingsford-Smith, Sandra Bowley and Christopher Benson found Dalle Cort had breached point 101 of the rules of professional conduct, point 110 of the rules of professional conduct, point 111 of the rules of professional conduct and point six of the code of ethics (professionalism).
“After delivering its determination, the Conduct Review Commission Disciplinary Panel retired to prepare its statement of reasons for its decision and to consider any proposed sanctions against (Dalle Cort) for the breaches,” the breach letter said.
Dalle Cort will have the right to request a review of the panel’s determination.
On 18 December 2009, the FPA sent Dalle Cort a breach notice after receiving a complaint regarding his advice.
Earlier this month, FPA deputy chief executive and head of professionalism Deen Sanders said the FPA was not yet ready to release the findings of its Storm investigation, though further announcements on its progress could be released soon.
“The success of the FPA investigation depends heavily on the evidence that arises through the investigation and the substance of the complaint we receive. It’s always easier when we have evidence linked through a complaint to determine whether there has been a breach of our professional expectations,” Sanders said.
“Our investigations into Storm have obviously been affected by the fact that Storm as an entity no longer exists and so documentary evidence about specific behaviours needs to be sourced directly from the complainant or the member under investigation.”
Of the 130 Storm staff, only three financial advisers were certified financial planners, he said.
Storm collapsed in January 2009.
