Adelaide-based adviser banned for 5 years

ASIC has banned Adelaide-based financial adviser Francesco Antonio (Tony) Romano from providing financial services and from being involved in the carrying on of a financial services business for five years.

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.

ASIC found that he failed to provide financial advice that was appropriate and in the best interests of his clients, he engaged in misleading or deceptive conduct and was found not to be a fit and proper person to provide financial services.

Mr Romano 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.

Moreover, 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.

Mr Romano is also believed to have 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 banning of Mr Romano is part of ASIC’s ongoing efforts to improve standards across the financial services industry.

Mr Romano has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.