The FPA has expelled former Storm Financial adviser Gus Dalle Court from its membership after a conduct review panel determined he had breached a series of the advice association's rules.
In a letter to the former principal of Storm Financial's Cairns office, obtained by InvestorDaily, the FPA said the conduct review commission (CRC) panel found he had breached four rules of professional conduct and the code of ethics, including rule 101, rule 110, rule 111 and code of ethics number 6 (professionalism).
The letter dated 11 February said Dalle Cort's membership would end on 18 March and he was ordered to pay $3533 in panel costs.
"The CRC finds that the member Gus Christopher Dalle Cort made investment recommendations to [clients] that contained misrepresentations, that were unsuitable and failed adequately to explain the risks involved in those recommendations," the FPA determination said.
"The CRC panel also finds that Dalle Cort acted so as to bring discredit to the financial planning profession. The panel finds all of these breaches occurred at the highest level of disregard of the interests of [clients]."
In a letter to the FPA in response to his expulsion, Dalle Cort said the advice association had ignored his continued call for the commission to look at the "real issues surrounding the demise of Storm Financial".
"All of Strom Financial clients purchased approved products available in the marketplace provided by the CBA (Commonwealth Bank of Australia) and other banks. These products failed along with your finding in this matter," he said.
"The stress that you have caused me and my family . in this matter will forever be a burden to carry."
In July last year, the FPA panel found Dalle Cort had breached the rules.
Storm collapsed in January 2009.
