Cheating advisers caught in FPA blitz

The Financial Planning Association has been hit by findings that 15 financial planners cheated as they sat exams to qualify for accreditation. The FPA also disciplined several members who were caught falsely claiming they were Certified Financial Planners in their CVs. The revelations come as the FPA says complaints against members rose 66 per cent to 146 in the 2002-03 financial year. The association attributed the rise in complaints to a crackdown on shonky advisers. The ACA said the financial planning industry needs to shift its approach from “product flogging” to genuine advice.