The Financial Planning Association (FPA) has expelled one member and fined another over their advice to investors in the failed Westpoint property group.

The FPA held its first hearings into numerous Westpoint complaints last month and the results were announced yesterday morning.

The hearings confirmed 29 of the 35 charges of professional misconduct against Annemieke de Boer of Centro Financial Synergy. She has lost her FPA membership and faces $47,000 in fines. Her company was also banned as a principal FPA member.

FPA CEO Jo-Anne Bloch says the penalties represent the most serious action the FPA is able to take against its members.

The group’s disciplinary committee has not released the name of a second member who was fined $5500. That planner faced 14 charges, six of which were upheld by the committee.

It deferred a third case pending further investigation of the member involved.