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Sydney adviser hit with two-year ban
ASIC has banned a Sydney-based financial adviser from providing financial services for two years after a review allegedly found they had failed to provide advice that was in the best interest of their clients.
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 (SAOs) by not including information about the basis of his advice,” a statement released on Monday read.
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).
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