NSW adviser permanently banned after exam falsification

An NSW adviser has been permanently banned after falsifying her financial adviser exam result.

Adele Baaini has been permanently banned from providing any financial services, controlling an entity that carries a financial services business, performing a function involved in the carrying on of a financial business or from engaging in credit activities.

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She was a representative of AAN Wealth between 14 April 2023 and 22 June 2023, and was also the sole director and secretary of SMR Loans Pty.

SMR Loans was a credit representative of BLSSA Pty Ltd, an Australian credit licence holder, from 7 June 2022 to 4 September 2023, and Baaini was a credit representative of BLSSA from 10 June 2022 to 4 September 2023.

The corporate regulator said she engaged in dishonest conduct, failed to act with integrity and sound judgement, and was not a fit or proper person to provide financial services after she:

• Provided Australian financial services licensee, AAN Wealth Management Pty Ltd (AAN Wealth), with a falsified Financial Adviser Exam certificate.
• Provided personal advice to 121 clients in circumstances where she knew that she did not meet the prescribed education and training standard.

Financial advisers were required to pass the exam before 1 January 2022 to be able to continue to provide personal advice to retail clients on relevant financial products.

ASIC further found that Baaini is not adequately trained or competent to provide financial services and is likely to contravene credit legislation and financial services legislation.

The banning has been recorded on ASIC’s banned and disqualified register, and she has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.

Last year, in March, Todd Karamian was banned from providing financial services and carrying on a financial services business after it was found he falsified the results of his financial adviser exam.

In December 2021, Karamian had changed his financial adviser certificate from a fail result to a pass and sent the altered certificate to his licensee, Bluepoint Consulting.