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.
Sorry folks you all know nothing. He operated outside the rules and management turned a blind eye as he wrote revenue and they didn’t understand what was going on. With BBY he blew his clients up and exposed them to huge risks. Unfortunately inept ANZ senior management are as much too blame and beware some are still there hiding in private wealth. He had already left knowing his time was up so the 5 year ban will mean nothing to him but the other culprits remain. Poor culture in the ANZ leadership team.
And you know nothing, ANZ didn’t let their advisers recommend direct shares, and he never did. It was actually the SMSF Accountant that recommended BBY. And Synchron only put him on after checking his audit results.
why did synchron put him on .. i remember a comment that they don’t take just anyone?
ASIC is a god damn overfunded embarassment to the industry and the country which is supposed to be positioning itself as an alternate “financial hub” to Asia
Wait wait wait… You’ve deemed him an unfit person how, why?? Because he made a recommendation he thought to be right and let’s be honest was right given all the growth obtained…
What a disgusting industry glad I got out this is beyond a joke now.
from the sounds of it we are all glad you have too.
there will be noone left in the industry soon.
A banning of five years does not seem commensurate with the “crime” as outlined in this article.
He was audited in the many many years he was at ANZ, and always passed. ANZ didn’t like him leaving and all the clients following him and went on a witch hunt. He was an amazing advisor and always acted with integrity. He was stitched up.
sounds like that..Would not be the first time either. Look at us ASIC we’re doing “stuff”… Which adviser do we throw under the bus today to distract ASIC? The ones that leave. Hotel California?
As an ex adviser, I honestly fail to see how this can happen. I mean if you recommend a strategy that the client understands and is happy with and believes it is appropriate per the SoA and plenty of conversation etc., how can it not be in the client’s interests? Then there is even an audit eventually.
Surely now all the protections are now there.
And yes, what about all those years with ANZ and suddenly he is not a fit person to give advice.
I don’t know the details but you just wonder with ASIC coming down on an individual when many of the larger institutions are getting away with blue murder.
It’s like he put a gun to a client’s head forced them to “having an inappropriate high growth asset allocation”. Client was definitely under extreme duress earning such high returns in good times
So was he audited in the 13 years he was at ANZ ?
My God!! The depravity of the man, how could we or the regulator allow such a dastardly criminal to practice in financial services??? That is so much more heinous and worthy of ASIC’s attention, time and costs than say investigating a multi-million dollar fee gouging and scams perpetuated by union super funds, the lack of consideration their “planners” (cough cough) give to their ‘Clients” (cough cough again, geez hope this is irony and not coronavirus setting in) and the due care and consideration provided at all levels of those organisations for their millions of members!!!