ASIC has permanently banned NSW based financial adviser Adele Baaini from providing any financial services, controlling an entity that carries a financial services business, performing a function involved in the carrying on of a financial business or from engaging in credit activities.

ASIC found Ms Baaini engaged in dishonest conduct and failed to act with integrity and sound judgment in relation to a financial service.

ASIC 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.

Background 

Since 1 January 2019, professional standards have applied to financial advisers, including the requirement to pass the Financial Advisers Exam. Financial advisers were required to pass the Exam before 1 January 2022, to be able to continue to provide personal advice to retail clients on relevant financial products.

In addition to being a representative of AAN Wealth between 14 April 2023 to 22 June 2023, Ms Baaini is the sole director and secretary of SMR Loans Pty Ltd ACN 657 809 642 (SMR Loans). SMR Loans was a credit representatives of BLSSA Pty Ltd ACN 117 651 760 (BLSSA), an Australian credit licence holder, from 7 June 2022 to 4 September 2023. Ms Baaini was a credit representative of BLSSA from 10 June 2022 to 4 September 2023.