The corporate regulator found that Mr Romano failed to provide financial advice that was appropriate and in the best interests of his clients. According to ASIC, he also engaged in misleading or deceptive conduct and was found 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 stated.

“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 also found that Mr Romano 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 corporate regulator said 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.