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ASIC bans Sydney financial adviser for two years

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ASIC has banned Sydney-based financial adviser Christopher Betalli from providing financial services for two years.

A review of Mr Betalli’s advice while authorised by HNW Planning Pty Ltd found that he failed to provide financial advice that was in the best interest of his clients and appropriate for them.

ASIC found that Mr Betalli failed to keep adequate records and gave non-compliant Statements of Advice (SAOs) by not including information about the basis of his advice. 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, ASIC found it was not reasonable to conclude that the advice was appropriate, because Mr Betalli’s recommendations did not accord with his client’s risk profile.

ASIC’s decision to ban Mr Betalli from providing financial services is the subject of an application for review in the Administrative Appeals Tribunal (AAT) and the AAT has stayed ASIC’s decision pending its review.

Background

The conduct that resulted in this banning relates to Mr Betalli’s activities while an authorised representative of HNW Planning Pty Ltd (since 28 September 2015). Mr Betalli was previously an authorised representative of Count Financial Limited (30 September 2009 to 28 September 2015).

This news item was originally published by the Australian Securities and Investments Commission (ASIC AU). For more information, please see the Source Link.

Regulator Information

Abbreviation: ASIC
Jurisdiction: Australia

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