ASIC has permanently prohibited Adele Baaini, a NSW financial adviser, from providing financial services, controlling entities engaged in financial services business, performing functions associated with financial business, or engaging in credit activities.

This decision comes as a result of Baaini's dishonest conduct, failure to demonstrate integrity, and failure to act with sound judgment in relation to a financial service.

ASIC's investigation revealed that Baaini provided AAN Wealth Management Pty Ltd (AAN Wealth), an Australian financial services licensee, with a falsified Financial Adviser Exam certificate.

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

Baaini provided personal advice to 121 clients despite knowing that she did not meet the prescribed education and training standard. ASIC concluded that Baaini is not adequately trained or competent to provide financial services and is likely to breach credit legislation and financial services legislation.

Baaini, in addition to being a representative of AAN Wealth from April 14, 2023, to June 22, 2023, is the sole director and secretary of SMR Loans Pty Ltd (SMR Loans). SMR Loans acted as a credit representative of BLSSA Pty Ltd (BLSSA), an Australian credit licence holder, from June 7, 2022, to September 4, 2023. Baaini was a credit representative of BLSSA from June 10, 2022, to September 4, 2023.

Baaini's ban has been documented on ASIC's banned and disqualified register.

She has the right to appeal ASIC's decision to the Administrative Appeals Tribunal.

This information comes from the official ASIC media release on the 26th of April 2024 and is true at the time of publishing. To read ASICs media release click here.