FPA denies changing tune on expelled members

Yesterday, the FPA issued a press release announcing it has expelled former NAB financial planner Shylesh Sriranjan of Melbourne for cheating on his Certified Financial Planner (CFP) exam.

The FPA also announced that member Darren Tindall was found to have engaged in “misleading, deceptive, dishonest and fraudulent conduct”.

Neither Mr Tindall nor Mr Sriranjan had publicly accessible ASIC action announcements against them.

Asked whether the specific naming of expelled members via press release is a change in strategy for the FPA, chief executive Dante De Gori denied the allegation.

“No,” Mr De Gori replied by email, without any further elaboration. He also confirmed that ASIC was not involved in the investigations, but that they are conducted by the FPA’s Conduct Review Commission (CRC). 

Mr De Gori’s response comes despite the ifa team having never previously received a formal FPA press release naming individuals that did not follow an official ASIC enforcement activity announcement. 

According to yesterday’s statement, the two members were investigated by the CRC – an independent body set up to ensure members adhere to the FPA’s Code of Ethics and Professional Practice.

Mr Sriranjan was found to have used information obtained from another exam candidate by swapping exam papers during the CFP certification exam.

The CRC also found that Mr Tindall supposedly engaged in fraudulent conduct to obtain life insurance for a client who was otherwise unlikely to obtain it.

Mr Tindall committed serious breaches of privacy involving a number of client records, the statement said.

The FPA said the CRC has a responsibility to determine disciplinary action brought by the FPA against members, the statement said.

“Our world class Code of Professional Practice is a key component of our Professional Framework that fosters high professional standards and consumer protection,” Mr De Gori said in the release.

“Any breach of the FPA code is taken very seriously as it undermines the reputation of all members.”