Adviser who claimed exemplary compliance record banned
A former ANZ financial adviser who claimed to have an exemplary compliance record has been banned for five years.
The Adelaide-based financial adviser, Francesco Antonio (Tony) Romano was banned by the Australian Securities and Investments Commission (ASIC) from providing financial services and from being involved in the carrying on of a financial services business for five years.
ASIC found that Romano failed to provide financial advice that was appropriate and in the best interests of his clients. He also engaged in misleading or deceptive conduct and was found not to be a fit and proper person to provide financial services.
It said Romano did not make reasonable enquiries to obtain complete and up-to-date information about his clients and failed to consider his clients’ needs and objectives when giving advice. Romano also recommended that clients make no changes to their investment portfolios despite clients being invested outside the parameters of their risk profile or their SMSF’s investment strategy. This exposed his clients to having an inappropriate high growth asset allocation.
ASIC also found that r Romano made misleading and deceptive statements in an email to clients in which he falsely claimed that prior to leaving ANZ his files were audited and found to be exemplary.
ASIC said he banning was part of its ongoing efforts to improve standards across the financial services industry.
ASIC noted that Romano had the right of appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.
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