Preheat grill. Lightly coat the red capsicums with olive oil. Grill until the skin is blackened, and the flesh has softened slightly. Place in a paper bag or resealable plastic bag to cool for approximately 45 minutes.
Remove the seeds and skin from the capsicums (the skin should come off easily now). Cut capsicums into small pieces.
In a frypan, cook and stir the garlic, basil and capsicums in 3 tablespoons olive oil over medium heat. Cook for 10 minutes, so that the flavours mix.
Place mixture in blender (careful, it is hot) and puree to desired consistency. Return puree to frypan, and reheat to a boil. Stir in the cream and the Romano cheese; cook and stir until the cheese melts. Add the butter, and stir until melted. Season with salt and pepper to taste. Simmer for 5 minutes.