NO SANCTION FOR GRAY BROTHERS

FINANCIAL SERVICES BOARD Although he is required to pay back the Marxes, Wayne Gray will be allowed to continue practising as a registered financial services provider (FSP).

Personal Finance asked Caroline da Silva, the deputy chief executive in charge of financial advice at the Financial Services Board (FSB), whether he could face debarment or the threat of the suspension or withdrawal of his FSP licence as a result of the latest determination against him.

Da Silva says the registrar only became empowered to debar persons and to refer cases to the FSB’s enforcement committee after the amendments that came into operation in 2008. Therefore the FSB lacks jurisdiction in respect of financial services rendered prior to the amendments coming into operation, she says. FINANCIAL PLANNING INSTITUTE At the time of the Scott determination, which was handed down in November 2009, Gary Hilton Gray was a Certified Financial Planner (CFP) professional, which is regarded as the top qualification for financial planners. The CFP accreditation is given by the Financial Planning Institute (FPI), the professional body for financial planners.

Advocate Jacqui Grovè, the legal and compliance services manager at the FPI, says Gray’s membership of the FPI expired in December 2011 and the FPI has “no record of disciplinary action against Gary Hilton Gray during the course of his membership”.