ASIC bans AR who then appeals to AAT
![Stamp with the word Banned written in capitals and red](https://financialnewswire.com.au/wp-content/uploads/shutterstock_1421213777.jpg)
A former authorised representative (AR) of HNW Planning and Count Financial has been banned by the Australian Securities and Investments Commission (ASIC) for two years for failing to meet his client best interest obligations.
ASIC announced that the adviser, Christopher Betalli was the subject of a review which found that he failed to provide financial advice that was in the best interest of his clients and appropriate for them.
Betalli has appealed the banning to the Administrative Appeal Tribunal which has stayed ASIC’s decision pending a review.
ASIC’s announcement said the regulator found that 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,” the regulator’s statement said.
“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.”
Nah, the AMP vertically intergrated model is effectively dead. It's a broad APL. It wouldn't come as any surprise that…
So let me get this right - Canberra spends an awful lot of time and effort focusing on consumer protection/compliance…
Just wind them up please so the rest of the financial planning industry can move forward without an albatross around…
Compare the pair.
I have clients who have been told to produce evidence they are with cbus or else they can't work on…