ASIC confirmed the ban on Monday (20 December).
Sydney-based financial adviser Christopher Betalli has been banned from providing financial services for two years.
Following a review by the corporate regulator, Mr Betalli - who was authorised by HNW Planning – was found to have failed to provide advice that was in the best interests of his clients and appropriate for them.
“ASIC found that Mr Betalli failed to keep adequate records and gave non-compliant Statements of Advice (SOAs) by not including information about the basis of his advice,” a statement released on Monday read.
“ASIC considered these failures showed a disregard of compliance obligations and an absence of the competence required to provide one or more financial services.”
In some cases, Mr Betalli’s recommendations were also found to not accord with his clients’ risk profile.
ASIC’s ban is the subject of an application for review in the Administrative Appeals Tribunal (AAT).
Neil is the Deputy Editor of the wealth titles, including ifa and InvestorDaily.
Neil is also the host of the ifa show podcast.
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