AAT reduces ASIC ban for Sydney adviser

A Sydney financial adviser has seen their ban varied followed a successful appeal to the Administrative Appeals Tribunal (AAT).

Christopher Betalli was banned in May 2021 from providing financial services for two years after finding he failed to provide financial advice that was in the best interest of his clients.

The Australian Securities and Investments Commission (ASIC) found that Betalli failed to keep adequate records and gave non-compliant statements of advice (SOA) by not including information about the basis of his advice. ASIC considered these failures showed a disregard of compliance obligations and an absence of the competence required to provide one or more financial services.

The conduct that resulted in the banning related to Betalli’s activities while an authorised representative of HNW Planning Pty Ltd.

Betalli applied to the AAT and ASIC’s decision was stayed on 24 June 2021 pending a review by the tribunal.

The AAT decided on 27 June 2024 that it will vary the ban from two years to 12 months.

In a statement, ASIC said: “Having regard to all the relevant matters, including personal and general deterrence and the need to promote public confidence in the financial services sector the tribunal considered that a ban for a period of 12 months from providing financial services was appropriate. The banning period, having regard to the period of the ban in place before the stay, will end on 24 April 2025.”

This is the second adviser this week to have seen their ban amended by the AAT after Todd Karamian saw his permanent ban reduced to seven years for falsifying his financial adviser exam result.