FPI chief executive placed on special leave

FOLLOWING the recent suspension of regulatory examinations administered by the Financial Planning Institute (FPI), as well as allegations of mismanagement, the FPI board has reached an agreement with chief executive Godfrey Nti that he be placed on special leave pending the outcome of a full investigation.

In a statement released this week, the FPI said the board will take all reasonable steps to ensure the allegations are properly investigated and that all action considered to be appropriate, depending on the outcome of the investigation, is taken.

Ntai Phoofolo, the chairperson of the board, says: “It must be emphasised that Mr Nti has not been found guilty of any wrongdoing and is innocent until proved otherwise. The board’s action is only meant to protect the integrity of the process, as well as all affected parties.”

Stephanie Pillay, the FPI’S chief operating officer, will step in as acting chief executive with immediate effect.

Phoofolo says: “I want to clarify that the suspension, by the Financial Sector Conduct Authority, is only related to the Financial Advisory and Intermediary Services Act regulatory examinations. The

FPI membership, professional competency examinations, the FPI certification programme to attain the professional designations and accreditations, are not affected. – Staff Reporter