Adelaide-based financial adviser Francesco Romano has been banned by the regulator from providing financial services for five years.

Mr Romano, known as Tony, failed to provide financial advice that was appropriate and in the best interests of his clients and engaged in misleading or deceptive conduct, the Australian Securities and Investments Commission (ASIC) says.

Mr Romano recommended clients make no changes to investment portfolios despite those investments being outside the parameters of their risk profile, or their self-managed superannuation fund’s investment strategy.

This exposed his clients to an inappropriate high growth asset allocation, ASIC said.

In an email to clients he also falsely claimed that prior to leaving Australia and New Zealand Banking Group after 13 years his files were audited and found to be exemplary.

Mr Romano was an authorised representative of Synchronised Business Services for two years after leaving ANZ in 2016.