ASIC Bans Former ANZ Financial Advisor for Five Years

The Australian Securities and Investments Commission (ASIC ASIC The Australian Securities and Investments Commission (ASIC) is the prime regulator in Australia for corporate, markets, financial services, and consumer credit. It is empowered under the financial service laws to facilitate, regulate, and enforce Australian financial laws. The Australian Commission was set up and is administered under the Australian Securities and Investment Commission Act of 2001. ASIC was initially the Australian Securities Commission based on the 1989 ASC Act. Initially, the The Australian Securities and Investments Commission (ASIC) is the prime regulator in Australia for corporate, markets, financial services, and consumer credit. It is empowered under the financial service laws to facilitate, regulate, and enforce Australian financial laws. The Australian Commission was set up and is administered under the Australian Securities and Investment Commission Act of 2001. ASIC was initially the Australian Securities Commission based on the 1989 ASC Act. Initially, the Read this Term) announced today that it has banned Francesco Antonio (Tony) Romano, a financial advisor, from providing financial services for five years.

Based in Adelaide, Romano has not only just been banned from providing financial services, but also from being involved in a financial services business for the five year period.

Across his career, from April 2016 until April 2018, Romano was an authorised representative of Synchronised Business Services Pty Ltd. Additionally, he was an authorised representative of Australia and New Zealand Banking Group Limited from October 2003 to March of 2016.

ASIC Found Numerous Transgressions from Francesco Antonio Romano

According to the statement from the Australian regulator today, Romano failed to provide appropriate financial advice that was in the best interests of his clients. Furthermore, ASIC accused him of engaging in misleading or deceptive conduct. As a result of its investigation, the authority found he was not a fit and a proper person to provide financial services.

Among his transgressions, the Aussie watchdog said Romano did not make reasonable enquiries to obtain complete and up-to-date information about his clients. Moreover, he recommended that his clients make changes to their investment portfolios despite being outside the parameters of their risk profile.

ASIC also outlined that in an email to clients, Romano falsely claimed that prior to leaving ANZ, one of the largest banks within Australia, that his files were audited and found to be exemplary.

“The banning of Mr Romano is part of ASIC’s ongoing efforts to improve standards across the financial services industry. It will be recorded on ASIC’s publicly available Financial Advisers Register and the Banned and Disqualified Persons Register,” ASIC said in its statement today.

Romano can appeal his five-year suspension with the Administrative Appeals Tribunal and ask for a review of the Australian regulator’s decision.