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).
Amazing the differences in sentences handed out though – I’ve seen people found guilty of not even giving SoAs and others found to have committed fraud handed EUs; while others didn’t give a Opt-In on time at the instruction of their Dealer Group banned for years.
Glad my SAOs are compliant 🙂
Lot’s of cowboys in the Financial Advice industry and here’s another one. Especially when you consider it’s was harder to become a hairdresser than become an adviser. Perhaps yet further regulation is warranted.
How much was the remedial cost for AMP and the big banks again? Did they lose their licenses?
Geez ASIC. Filling your boots and KPIs just in time for your Xmas bonus! Bar humbug!