FPSC Report on Disciplinary Action
Effective January 1, 2006, it is FPSC's policy to publicly report on disciplinary actions taken by FPSC against individuals' rights to use the CFP marks.
In accordance with the Disciplinary Rules and Procedures, all complaints made against CFP professionals are investigated by the Director, Ethics and where appropriate, referred to the Ethics and Practice Committee for a formal disciplinary hearing. The objectives of this process include the protection of the public and the protection of the reputation of the profession.
In each case, a Hearing Panel comprised of a member of the Ethics and Practice Committee and two additional volunteers from the CFP professional community is formed to hear the case and to make a determination of whether or not there has been a breach of the CFP Code of Ethics. Where there is a finding of a breach of the Code, a range of sanctions can be imposed upon the CFP professional up to and including the permanent revocation of the right to use the CFP marks.
Permanent Revocations of the right to use CFP marks:
Zarkadoulas, Anthony (Toronto, Ontario)
Admonishments:
Hadden, Stacy (Kelowna, British Columbia)
Zarkadoulas, Anthony (Toronto, Ontario)
In June 2007, a Hearing Panel of the Ethics and Practice Committee issued a decision revoking Mr. Zarakadoulas' right to use the CFP marks, in accordance with a settlement agreement reached prior to hearing. In that agreement, Mr. Zarkadoulas admitted that he acted in breach of Rules 101, 102 and 601 of the CFP Code of Ethics. While employed as a Registered Representative in an IDA firm, Mr. Zarkadoulas improperly, and without authorization, transferred funds between unrelated client accounts. After the transfers were discovered, his employment was terminated. Subsequently, he sought employment with another firm and in the course of seeking registration with the new firm, provided misleading information to a regulatory body. Mr. Zarkadoulas' right to use the CFP marks has been permanently revoked.
Hadden, Stacy (Kelowna, British Columbia)
In June 2007, a Hearing Panel of the Ethics and Practice Committee issued a Letter of Admonishment to Ms. Hadden after she admitted as part of a settlement of the matter prior to hearing, that she was in breach of Rule 702 of the CFP Code of Ethics. Ms. Hadden had recommended and implemented a series of investments inside two RESP accounts that were subject to deferred sales charges and under the circumstances, such investments were not suitable for the clients. Ms. Hadden agreed that she knew or should have known that such a strategy would likely result in the triggering of those charges at the time the funds were accessed for their intended educational funding purpose given the ages of the children involved. Ms. Hadden retained the right to use the CFP marks.
FPSC Report on Disciplinary Action Archive
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