ASIC permanently bans NSW-based financial adviser

The corporate regulator said on Friday it has permanently banned NSW-based financial adviser Adele Baaini 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.

The Australian Securities and Investments Commission (ASIC) alleged Baaini engaged in dishonest conduct and failed to act with integrity and sound judgment in relation to a financial service.

The regulator said it observed that Baaini is not “a fit and proper person” to provide financial services when she:

• Provided Australian financial services licensee AAN Wealth Management (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.

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

In addition to being a representative of AAN Wealth between 14 April 2023 to 22 June 2023, Baaini is the sole director and secretary of SMR Loans. SMR Loans was a credit representative of BLSSA, an Australian credit licence holder, from 7 June 2022 to 4 September 2023. Baaini was a credit representative of BLSSA from 10 June 2022 to 4 September 2023.

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