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A former ANZ adviser who failed to take into account his clients’ SMSF investment strategy has now been banned from providing financial services for five years.
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Adviser banned over failed SMSF advice
25 August 2020
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8 minute read
ASIC has now banned Adelaide-based financial adviser Francesco Antonio Romano from providing financial services and from being involved in the carrying on of a financial services business for five years.
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Mr Romano was an authorised representative of Synchronised Business Services Pty Ltd from April 2016 to April 2018 and ANZ Banking Group Limited from October 2003 to March 2016.
An ASIC investigation found that Mr Romano 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.
He also 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 also found that Mr 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.
The corporate regulator ultimately found that he was not a fit and proper person to provide financial services.
Mr Romano has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.
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