WA adviser cops three years
A Western Australian adviser has entered into an enforceable undertaking with the Australian Securities and Investments Commission (ASIC) that will see him removed from financial services for three years.
Joseph Paterniti, 47, from Rockingham, was an authorised representative of Dover Financial Advisers from 14 April 2008 to 8 July 2011, ASIC stated.
ASIC said it was concerned Paterniti failed to hold an Australian Financial Services (AFS) licence or to be an authorised representative of an AFS licensee while providing financial product advice to clients.
Other concerns included that Paterniti failed to take client circumstances into account when recommending investments; he failed to have a reasonable basis for advice provided; he provided deficient statements of advice (SoAs) or failed to provide SoAs; he made false or misleading statements regarding expected investment returns; and he failed to adequately advise clients about comparison information when recommending they establish a self-managed super fund.
As part of the EU, Mr Paterniti has undertaken not to provide financial services in any capacity for a minimum period of three years, and to resign as an authorised representative of Dover. He must also complete a Graduate Diploma of Applied Finance before recommencing financial services activity, and adhere to strict supervision requirements for the first 12 months if he re-enters the financial services industry.
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