Western Cape High Court rules in favour of the Financial Planning Institute of Southern Africa (FPI)

Today, 5 September 2013, the Western Cape High Court handed down judgment in favour of the Financial Planning Institute (FPI), by upholding FPI’s Disciplinary Appeal Tribunal’s guilty verdict and suspension sanction against Elizabeth Coetzee, a (former) m

Coetzee was initially found guilty by an FPI Disciplinary Tribunal in 2007 after a legitimate complaint was lodged with the Institute by a client, on Coetzee’s failure to exercise reasonable and prudent professional judgement in providing financial services. Coetzee was unable to act in the best interest of her client by failing to execute the mandate of her client properly, diligently and professionally, as provided in the former clause 201 of the FPI’s Code of Conduct, now known as the FPI Code of Ethics and Professional Responsibility.

“FPI is satisfied with the court’s ruling, which significantly strengthens the public’s right to ethical and professional financial planning and gives the Institute a fresh impetus to continue advocating for the highest levels of ethical standards for the practise of professional financial planning for its members and the financial services industry as a whole,” Prem Govender, CFP®, Chairperson of the Financial Planning Institute commented.

This favourable judgement vindicates the rigour of our internal disciplinary processes, and it strengthens our standing as a bona fide professional body and re-assures the financial services industry, the financial planning profession and the public that the profession serves. We hope that this verdict will also send a resolute message about FPI’s determination in upholding its standards” said Godfrey Nti, CEO of the Financial Planning Institute.