ASIC bans woman who misled over adviser exam failure

A financial adviser who misled her licensee about having passed the Financial Adviser Exam has been permanently banned by the Australian Securities and Investments Commission (ASIC).

The woman, Adele Baaini, was permanently banned after ASIC found that she engaged in dishonest conduct and failed to act with integrity and sound judgement in relation to an advice service.

ASIC said in a statement it observed that Ms Baaini is not a fit and proper person to provide financial services when she:

• provided Australian financial services licensee, AAN Wealth Management Pty Ltd (AAN Wealth) with a falsified Financial Adviser Exam certificate; and
• provided personal advice to 121 clients in circumstances where she knew that she did not meet the prescribed education and training standard.

ASIC further found that Ms Baaini is not adequately trained or competent to provide financial services and is likely to contravene credit legislation and financial services legislation.

Ms Baaini’s banning has been recorded on ASIC’s banned and disqualified register.

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