Last night’s ABC Four Corners programme “Banking Bad” aired details regarding the activities of banned FPA member Mr Rollo Sherriff.
Last night’s story was a follow-up a Fairfax Media’s weekend report (“Rollo Sherriff and Meridien Wealth: How a rock-solid institution backed impenitent maverick”.)
It is on the record that the Financial Planning Association of Australia (FPA) took disciplinary action against Mr Sherriff as early as 2004. Mr Sherriff’s membership to the FPA was suspended a decade ago.
In addition to this disciplinary action, Mr Sherriff was terminated as a member of the FPA well over four years ago.
Mr Sherriff is listed on the FPA’s consumer website as a banned member in accordance with section 16.1 of the FPA professional constitution.
At the time of writing Mr Sherriff does not appear on the ASIC website as a banned or disqualified person. The FPA believes this case serves to demonstrate the strong need for legislation to formally differentiate between professional advice and non-professional product sales.
The FPA calls again on legislators to heed this vital message: the time has come to support the minimum consumer protection standards within FoFA, by enshrining the terms financial planner and financial adviser in law for the protection of all Australians and their life savings.