ASIC, Compliance, Regulation

ASIC bans Queensland SMSF adviser

ASIC SMSF Financial adviser Ban

ASIC has banned a financial adviser from any involvement in the financial services industry after finding he engaged in dishonest conduct when dealing with six SMSF clients.

The Australian Securities and Investments Commission (ASIC) has banned a financial adviser after he recommended six SMSF clients invest their funds in a financial product and then used that money for purposes other than intended.

ASIC permanently barred Shane Rose of Tanah Merah, Queensland, from providing any financial services, performing any function involved in the carrying on of a financial services business and from controlling an entity that carries on a financial services business.

The ban is in response to Rose’s actions as a financial adviser and director between February 2021 and January 2023.

The corporate regulator found Rose, while an authorised representative and responsible manager of Octillion Partner Pty Ltd, recommended six SMSF clients invest their superannuation in a financial product.

The regulator determined he knew funds had been deposited for the purpose of investing in a financial product and knowingly and dishonestly applied those funds for purposes other than which they were invested.

It found he was not a fit and proper person to participate in the financial services industry, stating his dishonest actions showed serious incompetence and irresponsibility and he was likely to contravene financial services law in the future.

Rose’s name will be listed on ASIC’s Banned and Disqualified Register and he has the right to appeal the regulator’s decision through the Administrative Appeals Tribunal.

The corporate regulator has previously taken action against advisers who engage in dishonest conduct with SMSF trustees, with two individuals banned for allegedly providing dishonest advice when encouraging clients to roll over their existing superannuation funds into an SMSF last year.

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