Adelaide adviser cops 5-year ban

The adviser, Francesco Antonio Romano, was an authorised representative of Synchronised Business Services from April 2016 to April 2018 and ANZ Banking Group from October 2003 to March 2016.

He was found to fail at providing advice that was appropriate and in the best interests of his clients. 

The regulator deemed him not to be a fit and proper person to provide financial services.

“Mr 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,” ASIC said.

“Mr 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 stated he had also engaged in misleading or deceptive conduct, by falsely claiming in an email to clients, that prior to leaving ANZ, his files were audited and found to be exemplary.

Mr Romano’s banning will be recorded on the publicly available Financial Advisers Register and the Banned and Disqualified Persons Register.

He has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.