Australian Financial Advisor Peter Surtenich Permanently Banned from Financial Services Sector

This month, the Australian Securities and Investments Commission (ASIC) issued a permanent ban on Sydney-based financial advisor Peter Surtenich.

The Australian financial regulator prohibited Surtenich from providing any financial services, from performing any functions in relation to a financial services business, and from controlling an entity engaged in a related business.

Between July and December 2020, Surtenich, as a director of and responsible manager for Suetonius Wealth Management Pty Ltd, an Australian licensed financial company, recommended to at least 18 clients a purportedly “Principal-protected Private Placement Program.”

The regulator found Surtenich breached the financial laws by making false promises in making the recommendations.

Although he claimed to clients that the investment was “capital protected”and “similar to”a cash investment that would generate high returns, he had no basis for this.

ASIC found that Surtenich lacked the judgment and competence necessary to be a financial adviser. “Mr Surtenich has been permanently banned because he acted dishonestly and showed a fundamental lack of knowledge and judgement, integrity, trustworthiness and professionalism.” the regulator said.

“These qualities are not only necessary for providing financial services but are also imperative for those who control a financial services business or perform a role in a financial services business.”